Energy Sector Update for 01/28/2022: GLP,MTDR,CVX

Energy stocks were retreating this afternoon, with the NYSE Energy Sector Index falling 0.4% while the SPDR Energy Select Sector ETF (XLE) was down 1.2%. The Philadelphia Oil-Service Sector index was 0.1% lower but the Dow Jones US Utilities Index was climbing 0.2%.

West Texas Intermediate crude oil was rising $1.29 to $87.90 per barrel while global benchmark Brent crude was advancing $1.68 to $91.02 per barrel. Henry Hub natural gas futures were extending their recent rebound, adding $0.42 to $4.70 per 1 million BTU following the front-month contract rolling over to March and weekend forecasts for snow and cold.

In company news, Global Partners (GLP) was 1.4% higher after completing its purchase of retail fuel and convenience store assets from Consumers Petroleum of Connecticut for an undisclosed amount. In addition to 26 Wheels store locations, the deal included fuel supply agreements with 22 sites.

Matador Resources (MTDR) turned 1.4% lower, reversing a nearly 2% gain, that followed an S&P Global Ratings upgrade of the oil and natural gas producer to B+ from B, citing expectations for higher commodity prices and the company recently paying down a portion of its existing debt. The outlook is stable, S&P said.

Chevron (CVX) fell 4.9% after the energy major reported non-GAAP Q4 net income of $2.56 per share, up from a $0.16 per share profit during the same quarter in 2020 but trailing the Capital IQ consensus looking for it to earn $3.12 per share, excluding one-off items.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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