Energy stocks extended their Friday advance, with the NYSE Energy Sector Index climbing 1.9% and the SPDR Energy Select Sector ETF (XLE) up 2.1%. The Philadelphia Oil-Service Sector index was posting a 3.6% gain although the Dow Jones US Utilities Index was sinking 0.6% in late trade.
Front-month West Texas Intermediate crude oil settled $1.70 to $83.82 per barrel, while global benchmark Brent crude was advancing $1.78 to $86.25 per barrel. Henry Hub natural gas futures fell by $0.01 to $4.26 per 1 million BTU.
In company news, Meta Materials (MMAT) was rising nearly 1% after Friday saying it expects to complete the spinout of its oil operations in March, subject to meeting any remaining legal requirements and process approvals. The company, which last month finished drilling four wells on University of Texas landgrant properties in the Oregrande basin, also has finalized permanent contracts with a completely new management team with "significant" industry experience for the spinout company.
Range Resources (RRC) was rising 1.9%, rebounding from an earlier decline, after the oil and natural gas producer overnight priced a $500 million private placement of 4.75% senior notes due 2030 at par. It plans to use the net proceeds to redeem all of its outstanding 9.25% senior notes maturing in 2026.
Continental Resources (CLR) added 3.4% after late Thursday saying it was expanding chief financial officer John Hart's responsibilities to also include executive vice president of strategic planning. The company also added chief administrative officer duties for chief culture officer Shelly Lambertz.
Callon Petroleum (CPE) rose 6.4% after Truist Securities Friday raised its price target for the energy company by $4 to $64 a share and reiterated its hold stock rating.