Energy Sector Update for 05/03/2024: XOM, PXD, SHEL, TRP

Energy stocks were declining Friday afternoon, with the NYSE Energy Sector Index fractionally lower and the Energy Select Sector SPDR Fund (XLE) down 0.4%.

The Philadelphia Oil Service Sector index was adding 0.4%, and the Dow Jones US Utilities index was rising 0.2%.

Front-month West Texas Intermediate crude oil was declining 0.7% to $78.40 a barrel while the global benchmark Brent crude contract was dropping 0.6% to $83.17 a barrel. Henry Hub natural gas futures jumped 5.1% to $2.14 per 1 million BTU.

In corporate news, Exxon Mobil (XOM) said Friday it has closed its acquisition of Pioneer Natural Resources. The acquisition more than doubles Exxon's Permian production volume to 1.3 million barrels of oil equivalent per day, which is expected to increase to about 2 million in 2027, the company said. Exxon shares were shedding less than 1%.

A consortium including Glencore and Indonesia's Chandra Asri Pacific is in advanced talks to buy Shell's (SHEL) assets in Singapore in a deal that could be worth $1 billion, Bloomberg reported. Shell was rising fractionally.

TC Energy (TRP) reported Q1 comparable earnings Friday of CA$1.24 ($0.91) per diluted share, up from CA$1.21 a year earlier. Analysts polled by Capital IQ expected CA$1.15. Its shares gained 2.5%.

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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