Sector Update: Energy
Energy shares are higher as crude oil futures surge by nearly 4% to trade above $100 a barrel. Light, sweet crude for June delivery is trading up up 3.61% to $100.69 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 2.91% to $40. The United States Natural Gas ETF ( UNG ) is down 1.73% to $10.81. In mid-day news, Dynegy Inc. ( DYN ) reported on its Q1 earnings, swinging to a net loss of $77 million, or $0.64 per diluted share, compared with net income of $145 million, or $1.20 per diluted share for Q1 2010. DYN revenue fell to $505 million, from last year's $858 million, below analysts' estimate for a $534.62 revenue. Meanwhile, Sempra Energy ( SRE ) reported higher Q1 net income today of $258 million, or $1.07 per share, compared with the prior-year quarter's $106 million, or $0.42 per share. Q1 earnings included a $96 million after-tax charge, or $0.38 per diluted share, due to a 2010 litigation settlement. Excluding this, the company's EPS increased 34%.