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Sector Update: Energy Stocks Climb on Friday as Crude Oil Gains

MT Newswires ·  {{timeTz}}

03:56 PM EDT, 06/24/2022 (MT Newswires) -- Energy stocks extended their midday advance this afternoon, with the NYSE Energy Sector Index rising 2.6% in late trade while the SPDR Energy Select Sector ETF (XLE) was up 1.9%. The Philadelphia Oil-Service Sector index was posting a 5.3% advance and the Dow Jones US Utilities Index was adding 1.8%.

West Texas Intermediate crude oil was $3.35 higher at $107.62 per barrel while Brent crude was advancing $2.92 to $112.97 per barrel. Henry Hub natural gas futures fell $0.02 to $6.26 per 1 million BTU.

In company news, Northern Oil and Gas (NOG) added nearly 1% after after saying late Thursday the investor who holds warrants issued by the company as part of the acquisition of Reliance Marcellus has agreed to cancel those securities in exchange for Northern common shares. The company has repurchased 110,534 of its outstanding 6.5% series A convertible preferred shares for $2.5 million along with $8.4 million of its 8.125% senior unsecured notes due 2028 at 97.7% of their face value.

DTE Energy (DTE) gained 2.4% on Friday after the electric utility kept its quarterly dividend steady at $0.885 per share.

Sempra Energy (SRE) gained 2.1% after the electricity and natural gas utility said the California Public Utilities Commission has approved its plan to build four energy-storage microgrids near San Diego and adding around 39 megawatts in storage capacity beginning next summer.

Epsilon Energy (EPSN) climbed 6.4% after the natural gas and oil producer late Thursday said CEO Mike Raleigh will step down on June 30 and will be succeeded by Jason Stabell, who was the chief executive at privately held Merlon International until its March 2019 acquisition by London-listed SOCO International. The company said Lane Bond will retire as chief financial officer at the end of the month and will be succeeded by Andrew Williamson, who was Merlon's former CFO.

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