Energy Sector Update for 09/22/2022: MEOH, MX.TO, GLP, TALO

Energy stocks were moderately higher this afternoon, with the NYSE Energy Sector Index rising 0.5% while the SPDR Energy Select Sector ETF (XLE) was up 0.7%. The Philadelphia Oil-Service Sector index was slipping 0.3% and the Dow Jones US Utilities Index was sinking 0.4%.

West Texas Intermediate crude oil was rising $0.42 to $83.36 per barrel while North Sea Brent crude also was advancing $0.39 to $90.22 per barrel. Henry Hub natural gas futures were $0.46 lower at $7.32 per 1 million BTU.

In company news, Methanex (MEOH) was fractionally higher this afternoon, easing from an earlier 4% advance, after overnight saying the Toronto Stock Exchange has signed off on its new stock buyback plan, with the Canadian methanol producer expecting to repurchase and cancelling up to 3.5 million of its shares, or 5% of its outstanding stock, over the next 12 months.

Global Partners (GLP) declined nearly 1% after the gasoline stations company late Wednesday said it acquired the Tidewater Convenience store chain, adding 14 company-owned locations plus another franchise store in southeastern Virginia, expanding Global's retail footprint in the mid-Atlantic region. Financial terms were not disclosed.

Talos Energy (TALO) fell 5.4% after the oil and natural gas producer Thursday announced its $1.1 billion acquisition of privately held EnVen Energy, paying $212.5 million in cash and issuing 43.8 million of its shares. The deal is expected to add around 24,000 barrels of oil equivalent per day in new production for Talos, representing a 40% increase over current levels, it said.

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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