Energy stocks experienced gains in Friday afternoon trading, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) both showing increases of 1.1% and 1.3%, respectively. Additionally, the Philadelphia Oil Service Sector index saw a 1.3% rise, while the Dow Jones US Utilities index was up 0.2%.
Front-month West Texas Intermediate crude oil climbed 1% to $87.44 a barrel, and global benchmark Brent rose 1.2% to $91.73 a barrel. Henry Hub natural gas futures also increased by 2% to $1.81 per 1 million BTU.
Chesapeake Energy (CHK) announced a delay in its merger with Southwestern Energy (SWN) until the second half of the year due to additional documentation requested by the Federal Trade Commission.
Shell (Credits: Energy Connects)
While Chesapeake shares remained steady, Southwestern slid 0.5%. Meanwhile, Shell (SHEL) shares rose 1.1% despite anticipating significantly lower Q1 results in its liquefied natural gas business compared to the previous quarter.
Woodside Energy’s (WDS) Chairman Richard Goyder faced calls for his ouster from proxy adviser CGI Glass Lewis, which recommended shareholders vote against his re-election. Woodside shares, however, rose 1.1% despite the controversy surrounding its chairman. These developments reflect ongoing shifts and negotiations within the energy sector.
