Sector Update: Energy Stocks Advance Friday Afternoon
Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 0.3% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.2%.The Philadelphia Oil Service Sector Index was climbing 1.8%, and the Dow Jones US Utilities Index eased 0.2%.In geopolitical news, Iran said Friday that it had targeted US military assets at Kuwait's Ahmad Al-Jaber airbase, describing the attack as retaliation for US strikes a day earlier, Al Jazeera reported Friday. The US has not responded to Iran's attack yet, and specific details about the damage and casualties are not known, the news report said.Front-month West Texas Intermediate crude oil rose 1.4% to $84.76 a barrel, and the global benchmark Brent crude contract added 1.1% to $89.97 a barrel. Henry Hub natural gas futures fell 1.1% to $2.73 per 1 million BTU.In corporate news, Exxon Mobil (XOM) and Chevron (CVX) on Friday reported year-over-year gains in their Q2 results as supply disruptions in the Middle East boosted oil prices. Exxon shares were down 1.6%, and Chevron rose 1.6%.Phillips 66 (PSX) said Friday its board authorized an additional $10 billion of share repurchases, increasing the company's buyback capacity as the remaining authorization nears depletion. Phillips 66 shares were down 0.1%.Brookfield Infrastructure (BIPC) is mulling a potential sale of NorthRiver Midstream at roughly 7 billion Canadian dollars ($5 billion), Reuters reported. In recent weeks, Brookfield Infrastructure has been working with bankers to seek out potential interest in the Canadian natural gas-focused pipeline operator, the report said. Brookfield Infrastructure shares were shedding 0.2%.
