$CMP

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.7%.The Philadelphia Oil Service Sector Index was climbing 3.2%, and the Dow Jones US Utilities Index was down 0.5%.Crude oil prices rose Monday amid a lack of progress on US-Iran peace talks. Iran has submitted its new proposal to end the war, but the White House believes it fails to offer meaningful improvements on the last offer, Axios reported Monday, citing a senior US official and a source briefed on the issue.Front-month West Texas Intermediate crude oil was rising 1% to $106.42 a barrel, and the global benchmark Brent crude contract was advancing 0.4% to $109.70 a barrel. Henry Hub natural gas futures rose 2% to $3.02 per 1 million BTU.In corporate news, NextEra Energy (NEE) and Dominion Energy (D) said they have agreed to merge in all-stock deal to create the largest regulated electric utility in the world. Dominion's shareholders will get 0.8138 of NextEra's shares for each share owned, giving them a 25.5% stake in the combined entity, they said, adding that NextEra's shareholders will have the balance. NextEra was down 4.7%, and Dominion jumped past 9%.Devon Energy (DVN) may see support from its upcoming combined company guidance with Coterra Energy in June, possible asset sales, merger synergies, stronger shareholder returns, and continued investment in Delaware Basin assets, RBC said. Devon shares added 0.5%.ConocoPhillips (COP) and Glenfarne Group's subsidiary have signed a 30-year agreement to supply North Slope natural gas for phase one of the Alaska LNG project, the companies said Monday. ConocoPhillips shares rose 1.7%.Compass Minerals International (CMP) said it plans to re-enter the lithium market via a partnership with startup EnergyX to extract lithium from Utah's Great Salt Lake, Reuters reported. Compass shares fell 1.1%.

Sector Update: Energy Stocks Rise Monday Afternoon

Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 1.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.5%.The Philadelphia Oil Service Sector Index was climbing 3.2%, and the Dow Jones US Utilities Index was down 0.7%.Front-month West Texas Intermediate crude oil was rising 1.4% to $106.89 a barrel, and the global benchmark Brent crude contract was advancing 1.6% to $111.01 a barrel. Henry Hub natural gas futures rose 2.3% to $3.03 per 1 million BTU.In sector news, Treasury Secretary Scott Bessent said Monday on X the US Treasury is issuing a temporary 30-day license allowing nations to access Russian oil currently stranded at sea.In corporate news, NextEra Energy (NEE) and Dominion Energy (D) said they have agreed to merge in all-stock deal to create the largest regulated electric utility in the world. Dominion's shareholders will get 0.8138 of NextEra's shares for each share owned, giving them a 25.5% stake in the combined entity, they said, adding that NextEra's shareholders will have the balance. NextEra was down 6.8%, and Dominion jumped past 8%.ConocoPhillips (COP) and Glenfarne Group's subsidiary have signed a 30-year agreement to supply North Slope natural gas for phase one of the Alaska LNG project, the companies said Monday. ConocoPhillips shares rose 1.5%.Compass Minerals International (CMP) said it plans to re-enter the lithium market via a partnership with startup EnergyX to extract lithium from Utah's Great Salt Lake, Reuters reported. Compass shares added 0.7%.

Compass Minerals, EnergyX Sign MoU to Develop Commercial Lithium DLE Facility in Utah

Compass Minerals International (CMP) and Energy Exploration Technologies said Monday they have entered into a memorandum of understanding to explore the development of EnergyX's projected 30,000 tons per annum commercial scale direct lithium extraction and refinery facility near the Great Salt Lake in Utah.EnergyX plans to design, finance, construct and operate a commercial DLE and refining facility on land owned by Compass Minerals, according to the statement.As per the terms being discussed, EnergyX will lease the land and pay a lithium production license fee to Compass, which will assign its existing lithium infrastructure to EnergyX and bear no capital costs tied to the project, the statement added.EnergyX said it plans to invest about $400 million in the project.Definitive agreements are expected to be finalized over the coming months, subject to conditions and regulatory approvals, according to the statement.Price: $30.36, Change: $+1.01, Percent Change: +3.45%

JPMorgan Upgrades Compass Minerals International to Neutral From Underweight, Adjusts Price Target to $30 From $20