Sector Update: Energy Stocks, Crude Oil Extending October Rally

Last Updated: Tuesday, October 19, 2021 1:29 PM | MT Newswires

Energy stocks were sharply higher Tuesday afternoon, with the NYSE Energy Sector Index climbing 0.9% while the Energy Select Sector SPDR ETF (XLE) gained 1.3%.

Front-month West Texas Intermediate crude oil rose $1.17 to a seven-year high of $83.61 per barrel, while global benchmark Brent advanced $0.92 to $85.25. Henry Hub natural gas futures were $0.05 higher at $5.04 per million BTU, reversing a morning decline.

The Philadelphia Oil Service Sector index gained 0.7% and the Dow Jones US Utilities Index was 1% higher.

In company news, Halliburton (HAL) was nearly 2% higher, overcoming an early 3.3% decline after the oilfield services giant said Q3 revenue grew nearly 30% year-over-year to $3.86 billion, shy of analysts' consensus for $3.91 billion in a Capital IQ poll. Adjusted net income rose to $0.28 per share for the three months ended Sept. 30 from $0.11 per share during the same quarter in 2020, matching the Capital IQ consensus.

Kosmos Energy (KOS) climbed 1.1% after disclosing plans for a $400 million private placement of senior notes maturing in 2027 and using the net proceeds, together with cash on hand, to refinance the $400 million of notes it issued to buy Anadarko WCTP.

Permian Basin Royalty Trust (PBT) rose 8.1% after declaring an October cash distribution of $0.022354 per unit, about 3.3% below its September payout. Oil production levels at its Texas royalty properties increased 1.2% during August, but reduced output of natural gas and dips in commodity prices cut the overall net contribution to the trust by 3.5% from the prior month to $1.08 million, it said.

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