Equities
Magnolia Oil & Gas Completes Wildfire Energy Acquisition
Magnolia Oil & Gas (MGY) said on Thursday that it has completed its previously announced $4.06 billion acquisition of WildFire Energy.
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Wire
Magnolia Oil & Gas Shares Rise After Upgrade From JPMorgan
Magnolia Oil & Gas (MGY) shares were up about 2.6% in Tuesday trading after JPMorgan upgraded the company's stock to overweight from neutral and raised its price target to $33 from $32.Trading volume stood at about 2.7 million shares, compared with a daily average of roughly 4.4 million.Price: $27.53, Change: $+0.72, Percent Change: +2.71%
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Research
JPMorgan Upgrades Magnolia Oil & Gas to Overweight From Neutral, Adjusts PT to $33 From $32
Magnolia Oil & Gas (MGY) has an average rating of overweight and mean price target of $32.89, according to analysts polled by FactSet.
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Commodities
Market Chatter: Citadel Considers Expansion Into US Oil Production
Citadel is weighing a move into US oil production assets as it looks to broaden its presence in physical commodities, Reuters reported Friday, citing five people familiar with the talks.Citadel also bid for WildFire Energy earlier this year after Warburg Pincus and Kayne Anderson put it up for sale; Magnolia Oil & Gas (MGY) won the auction with a $4.06 billion offer. The bid was among a handful of recent engagements Citadel had with private equity firms over oil-focused assets, according to the report.A deal like that would give Citadel producing assets and an established management team to oversee them and future purchases, the report said. Citadel and WildFire did not immediately reply to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $26.74, Change: $-0.48, Percent Change: -1.75%
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Wire
Market Chatter: Magnolia Oil & Gas Outbid Citadel for WildFire Acquisition
Magnolia Oil & Gas (MGY) had outbid hedge fund Citadel in its acquisition of oil and gas company WildFire Energy in July, Reuters reported Friday.The bid for WildFire reveals a strategy by Citadel to acquire US oil production assets as part of an expansion of its physical asset holdings, the report said, citing five people familiar with the matter.Citadel declined to comment when asked by, while Magnolia Oil & Gas and WildFire didn't immediately respond to requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $26.79, Change: $-0.43, Percent Change: -1.58%
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Commodities
Magnolia Oil & Gas Reports Higher Q2 Production, Expands Giddings Footprint With WildFire Deal
Magnolia Oil & Gas (MGY) reported Q2 earnings Wednesday, showing total production of 106,089 barrels of oil equivalent per day, up from 98,229 boe/d a year earlier.Average daily oil production increased to 41,855 barrels per day for the quarter ended June 30, up from 39,990 b/d a year earlier.Average daily natural gas production rose to 200.02 million cubic feet per day for Q2, up from 184.84 MMcf/d earlier.Average daily natural gas liquids production climbed to 30,898 b/d for Q2, up from 27,432 b/d for the year-ago quarter.Quarterly production totaled 9.654 million boe, compared with 8.939 million boe a year earlier.Oil production increased to 3.809 million barrels for the quarter, up from 3.639 mmbbls, while natural gas output rose to 18.201 Bcf, up from 16.820 Bcf.Natural gas liquids production reached 2.812 million barrels during the quarter, up from 2.496 million barrels a year earlier.The company also reported Giddings production increased 10% over the year, while Giddings oil output grew 7% and represented 81% of total production.Magnolia raised its standalone 2026 production growth forecast to 6% from 5% after stronger-than-expected well performance lifted Q2 oil and gas output.The company expects Q3 production to remain near Q2 levels and plans standalone drilling and completion spending of about $115 million.Magnolia also reiterated full-year standalone capital spending of $440 million to $480 million.The company agreed in July to acquire WildFire Energy, a transaction that will more than double its Giddings acreage and create the largest Eagle Ford/Austin Chalk acreage position in South Texas. Magnolia expects to close the acquisition late in Q3.
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Wire
Magnolia Oil & Gas Declares Previously Announced Raised Quarterly Dividend of $0.18 per Share, Payable Sept. 1 to Holders of Record Aug. 10
Magnolia Oil & Gas Declares Previously Announced Raised Quarterly Dividend of $0.18 per Share, Payable Sept. 1 to Holders of Record Aug. 10
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Sectors
Sector Update: Energy Stocks Rise Premarket Wednesday
Energy stocks were rising premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 1%.The United States Oil Fund (USO) was up 2.3% and the United States Natural Gas Fund (UNG) was 0.6% higher.Front-month US West Texas Intermediate crude oil was 3.4% higher at $87.22 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.7% to $94.33 per barrel, and natural gas futures were up 1.4% at $2.91 per 1 million British Thermal Units.Equinor (EQNR) stock was up more than 5% after the company posted higher Q2 adjusted earnings and revenue.Eni (E) shares were up more than 1% after the company said it generated first industrial electricity from the 120-megawatt gas power plant at the 247-MW Mangystau Hybrid Power Plant in Kazakhstan.Magnolia Oil & Gas (MGY) and its subsidiaries and affiliates plan to offer a total of $500 million in senior unsecured debt notes due 2034 in a private placement, the company said. Magnolia Oil & Gas stock was 0.3% lower premarket.
$E$EQNR$MGY$UNG$USO$XLE
Equities
Magnolia Oil & Gas to Offer $500 Million in Private Debt Placement
Magnolia Oil & Gas (MGY) and its subsidiaries and affiliates plan to offer a total of $500 million in senior unsecured debt notes due 2034 in a private placement, the company said Wednesday.The issuers plan to use the net proceeds from the offering, together with proceeds from the offering of shares, its revolving credit facility, and cash on hand to fund the cash portion in its acquisition of WildFire Intermediate Holdings from WildFire Energy, the company said.
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Sectors
Sector Update: Energy Stocks Rise Late Afternoon
Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.8%.The Philadelphia Oil Service Sector Index was climbing 1.4%, and the Dow Jones US Utilities Index was fractionally higher.In geopolitical news, President Donald Trump delivered a dim view of possible talks with Iran to end the war, telling reporters Tuesday that the US has "no interest in meeting" until Iran is ready to convene "in a meaningful way," the Associated Press reported.Separately, a desalination facility and power plants caught fire and suffered serious damage in Kuwait after new Iranian strikes targeted the crucial facilities, along with areas of Bahrain and Jordan, following the 10th consecutive night of US bombing, Al Jazeera reported Tuesday.Meanwhile, the Houthi-run SABA news agency said six ships attempting to pass through the Bab el-Mandeb Strait in the southern Red Sea were forced to reroute on Tuesday after being warned by the rebels, a day after they announced a maritime embargo against Saudi Arabia, according to the Associated Press.Front-month West Texas Intermediate crude oil climbed 2% to $84.91 a barrel, and the global benchmark Brent crude contract rose 2.3% to $91.25 a barrel. Henry Hub natural gas futures increased 0.9% to $2.89 per 1 million BTU.In corporate news, Fluor (FLR) said Tuesday it secured a contract from Gulf Petrochemical Industries to carry out the front-end engineering and design for a new aromatics facility in Bahrain. Fluor shares gained 3.6%.Shell (SHEL) resumed operations at a 200,000-barrel-per-day crude oil unit at its Pernis oil refinery in the Netherlands on Monday following a brief disruption, Reuters reported. Shell shares were up 1.1%.Shell, TotalEnergies (TTE) and BP (BP) are in negotiations to supply 15 to 18 cargoes of liquefied natural gas per month to Egypt for at least three years, Reuters reported. TotalEnergies shares climbed 2.9%, and BP added 1.3%Magnolia Oil & Gas (MGY) shares were down 2%. The company said late Monday it priced its underwritten public offering of 46.3 million class A shares at $23.75 per share.
$BP$FLR$MGY$SHEL$TTE
Sectors
Sector Update: Energy
Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.8%.The Philadelphia Oil Service Sector Index was climbing 1.4%, and the Dow Jones US Utilities Index was fractionally higher.Front-month West Texas Intermediate crude oil climbed 2% to $84.91 a barrel, and the global benchmark Brent crude contract rose 2.3% to $91.25 a barrel. Henry Hub natural gas futures increased 0.9% to $2.89 per 1 million BTU.In corporate news, Magnolia Oil & Gas (MGY) shares were down 1.4%. The company said late Monday it priced its underwritten public offering of 46.3 million class A shares at $23.75 per share.
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Wire
Update: Magnolia Oil & Gas Shares Drop After Share Offering Priced at $23.75 Apiece
(Updates with recent stock movement in headline and first paragraph.)Magnolia Oil & Gas (MGY) shares dropped over 2% in afternoon trading on Tuesday after the company said late Monday it priced its underwritten public offering of 46.3 million class A shares at $23.75 per share.Underwriters have a 30-day option to purchase up to an additional 6.9 million shares, Magnolia Oil & Gas said.The offering is expected to close on Wednesday, subject to customary closing conditions.Net proceeds, together with proceeds from a concurrent senior notes offering, borrowings under its revolving credit facility and cash on hand will be used to fund the cash consideration for its acquisition of WildFire Intermediate.Price: $25.05, Change: $-0.48, Percent Change: -1.88%
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Commodities
Exchange-Traded Funds, Equity Futures Higher Pre-Bell Tuesday as Semiconductor Recovery Supports Markets
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4%, and the actively traded Invesco QQQ Trust (QQQ) advanced 1.3% in Tuesday's premarket activity, as semiconductor shares rebounded and investors welcomed reports of renewed efforts to broker a ceasefire between the US and Iran.US stock futures were also higher, with S&P 500 Index futures up 0.5%, Dow Jones Industrial Average futures advancing 0.4%, and Nasdaq futures gaining 1.4% before the start of regular trading.State-level unemployment data for June will be released at 10:00 am ET.In premarket action, bitcoin was up by 1.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.8% higher, Ether ETF (EETH) advanced 1.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) was up 1.7%, and the iShares US Technology ETF (IYW) was 2.8% higher, while the iShares Expanded Tech Sector ETF (IGM) was down 0.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased 3%, while the iShares Semiconductor ETF (SOXX) rose by 4%.Calix (CALX) shares were down more than 10% in premarket activity after the company reported overnight fiscal Q3 adjusted earnings forecast below market expectations, taking the shine off its Q2 beat.Winners and Losers:EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) retreated marginally by 0.03%.Magnolia Oil & Gas (MGY) stock was down more than 5% before market open after the company priced its underwritten public offering of 46.3 million Class A shares at $23.75 per share.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.5%, the Vanguard Industrials Index Fund (VIS) was inactive, and the iShares US Industrials ETF (IYJ) rose 2%.3M (MMM) stock was up 6.7% before the opening bell after the company reported higher Q2 adjusted earnings and revenue.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.4%, the Vanguard Health Care Index Fund (VHT) was up 0.5%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) declined by 0.02%.Novartis (NVS) stock was up more than 3% premarket after the company reported higher-than-expected Q2 core earnings and net sales.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.4% higher.Columbia Financial (CLBK) shares traded down 3% in early-hours activity after the company said it completed its conversion from a mutual holding company structure and closed its previously announced $580 million acquisition of Northfield Bancorp.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.1%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.3%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) retreated 0.01%.Genuine Parts (GPC) shares were down 6.2% pre-bell after the company reported higher Q2 adjusted earnings and net sales.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 1.6% to $84.55 per barrel on the New York Mercantile Exchange. Natural gas was up by 0.4% to $2.87 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 2%, while the United States Natural Gas Fund (UNG) was 0.6% higher.Gold futures for July advanced 1.2% to $4,062.80 an ounce on the Comex. Silver futures were up 3.7% to $59.17 an ounce. SPDR Gold Shares (GLD) increased 1.3%, and the iShares Silver Trust (SLV) was 4.6% higher.
Dow JonesNasdaq CompositeS&P 500$BETH$BITO$CALX$CLBK$EEM$EETH$EXI$FAS$FAZ$GLD$GPC$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MGY$MMM$NVS$PMR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Equities
Magnolia Oil & Gas Prices Share Offering at $23.75 Apiece
Magnolia Oil & Gas (MGY) priced its underwritten public offering of 46.3 million class A shares at $23.75 per share, the company said late Monday.Underwriters have a 30-day option to purchase up to an additional 6.9 million shares, Magnolia Oil & Gas said.The offering is expected to close on Wednesday, subject to customary closing conditions.Net proceeds, together with proceeds from a concurrent senior notes offering, borrowings under its revolving credit facility and cash on hand will be used to fund the cash consideration for its acquisition of WildFire Intermediate.
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Equities
Magnolia Oil & Gas Launches $1 Billion Public Offering
Magnolia Oil & Gas (MGY) said late Monday it has started an underwritten public offering of $1 billion of its Class A shares.Underwriters will have a 30-day option to buy up to an additional $150 million of its shares, the company said.Magnolia said it plans to use the net proceeds to help fund its acquisition of WildFire Intermediate Holdings.Shares were down over 5% in after-hours trading.
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US Markets
Update: Wall Street Falls as Traders Await Earnings, Track Middle East Developments
(Updates with market moves at the end of the day.)Stocks on Wall Street ended Monday's choppy trade lower as markets awaited more earnings releases this week and kept an eye on developments in the Middle East.The Dow Jones Industrial Average fell 0.6% to 51,839.26, while the S&P 500 declined 0.2% to settle at 7,443.28. The Nasdaq Composite dipped 0.1% to 25,508.07. Most sectors were in the red, led by healthcare, while communication services saw the biggest gain.This week, 86 S&P 500 companies are scheduled to release their latest quarterly financial results, Oppenheimer Asset Management said in a note. Google parent Alphabet (GOOG, GOOGL) and electric vehicle maker Tesla (TSLA) -- which are two of the so-called Magnificent 7 stocks -- are slated to report Wednesday.Intel, Philip Morris International (PM), American Express (AXP), T-Mobile US (TMUS), IBM (IBM), AT&T (T) and Verizon Communications (VZ) are among other major names expected to report this week."The reporting calendar is shifting beyond the first wave of money-center banks toward large tech, industrial and consumer names," Tigress Financial said in a note Monday. "The narrative will increasingly focus on whether (artificial intelligence) platforms, cloud providers and key cyclicals can match the strong bank prints without sparking renewed worries about margins or demand."West Texas Intermediate crude oil was up 0.6% at $82.97 a barrel in Monday late-afternoon trade, while Brent rose 0.9% to $88.88.On Sunday, the US Central Command said it completed the ninth consecutive evening of strikes against Iran. The US confirmed the passing of at least three service members during recent fighting with Iran.President Donald Trump said Monday that "every time Iran kills an American soldier they will pay for that killing many times over."Iran could resume negotiations with the US based on national interests, CNBC reported, citing Tehran's foreign ministry spokesman Esmail Baghaei. US intermediaries had continued to exchange messages with Iran, Baghaei reportedly said."If this escalation goes unchecked, we could return to an environment of wide-scale attacks across the Persian Gulf," ING Bank said in a report Monday. "Vessel flows (in the Strait of Hormuz) have essentially ground to a halt."US Treasury yields were higher, with the 10-year rate up 5.5 basis points at 4.6% and the two-year rate rising 3.9 basis points to 4.21%.In company news, Magnolia Oil & Gas (MGY) agreed to acquire privately held WildFire Energy in a roughly $4.06 billion deal, including debt, that will give it a dominant position in the Giddings field in South Texas. Magnolia Oil shares slumped 6.4%.Gold edged down 0.2% to $4,010.30 per troy ounce, while silver advanced 0.5% to $56.62 per ounce.
Dow JonesNasdaq CompositeS&P 500$AXP$GOOG$GOOGL$IBM$MGY$PM$T$TMUS$TSLA$VZ
Sectors
Sector Update: Energy Stocks Rise Late Afternoon
Energy stocks rose late Monday afternoon, with the NYSE Energy Sector Index rising 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index lost 0.4%, and the Dow Jones US Utilities Index shed 0.6%.Crude oil prices turned higher amid threats to Saudi Arabian crude oil supplies. Iran said mediators have been in touch with proposals on how to ease hostilities with the US after nine days of clashes, while tensions remained high after a threat by the Tehran-backed Houthi group against Saudi Arabia, Bloomberg reported.Houthis in Yemen said Monday they were imposing a naval blockade on Saudi Arabia, Reuters reported. The full closure of the Bab el-Mandeb strait would reduce global oil supply by 7% as it would leave most of Saudi oil exports unable to leave the region, the report said. The disruption would add to the reduction in oil flows from the war, which has already cut shipments by 10% of global supply, it added.West Texas Intermediate crude oil rose 0.5% to $82.86 a barrel, and global benchmark Brent added 0.8% to $88.80 a barrel. Henry Hub natural gas futures fell 1.9% to $2.86 per 1 million BTU.In corporate news, Magnolia Oil & Gas (MGY) agreed to buy privately-held WildFire Energy in a roughly $4.06 billion deal, including debt, that will give it a dominant position in the Giddings field in South Texas. Magnolia shares were down 5.6%.Fervo Energy (FRVO) shares gained 4% after Jefferies upgraded the stock to buy from hold while cutting its price target to $34 from $41.Tamboran Resources (TBN) has completed stimulation, cleanout, and completion activities of the Shenandoah South 3H, 4H, and 5H shale gas wells in the Northern Pilot Area of the Beetaloo Basin in Australia, the company said Monday. Shares rose 2.7%.BP (BP) said Monday it has agreed to sell its mobility, convenience and electric vehicle charging businesses in Austria to volenergy. Shares added 0.4%.
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US Markets
Equities Mostly Rise Intraday as Chip Stocks Advance
US benchmark equity indexes were mostly higher intraday Monday as key chipmakers advanced, while traders awaited earnings of some major companies due later in the week.The Nasdaq Composite was up 0.4% at 25,633.1 after midday, while the S&P 500 rose 0.2% to 7,468.7. The Dow Jones Industrial Average fell 0.4% to 51,950.7. Most sectors were in the red, led by materials and consumer staples, while energy paced the gainers.Shares of chipmaking giant Intel (INTC) rose 3.8%, while Nvidia (NVDA), Micron Technology (MU) and Advanced Micro Devices (AMD) were also pointing higher.This week, 86 S&P 500 companies are scheduled to release their latest quarterly financial results, Oppenheimer Asset Management said in a note. Google parent Alphabet (GOOG, GOOGL) and electric vehicle maker Tesla (TSLA) -- which are two of the so-called Magnificent 7 stocks -- are slated to report Wednesday.Intel, Philip Morris International (PM), American Express (AXP), T-Mobile US (TMUS), IBM (IBM), AT&T (T) and Verizon Communications (VZ) are among other major names expected to report this week."The reporting calendar is shifting beyond the first wave of money-center banks toward large tech, industrial and consumer names," Tigress Financial said in a note Monday. "The narrative will increasingly focus on whether (artificial intelligence) platforms, cloud providers and key cyclicals can match the strong bank prints without sparking renewed worries about margins or demand."West Texas Intermediate crude oil was up 0.1% at $82.58 a barrel intraday, while Brent rose 0.5% to $88.55.Iran could resume negotiations with the US based on national interests, CNBC reported, citing Tehran's foreign ministry spokesman Esmail Baghaei. US intermediaries had continued to exchange messages with Iran, Baghaei reportedly said.Amid soaring tensions with Iran, the US is looking to send additional F-16 and F-35 fighter jets from bases in Europe, as well as additional aerial refueling tankers, to the Middle East, CNN reported, citing a US official.On Sunday, the US Central Command said it completed its ninth consecutive evening of strikes against Iran. The US military also confirmed the passing of three service members in the past few days."If this escalation goes unchecked, we could return to an environment of wide-scale attacks across the Persian Gulf," ING Bank said in a report Monday. "Vessel flows (in the Strait of Hormuz) have essentially ground to a halt."US Treasury yields were higher intraday, with the 10-year rate up 6.3 basis points at 4.6% and the two-year rate rising 5.5 basis points to 4.23%.In company news, Magnolia Oil & Gas (MGY) agreed to acquire privately held WildFire Energy in a roughly $4.06 billion deal, including debt, that will give it a dominant position in the Giddings field in South Texas. Magnolia Oil shares were down 5.7% intraday.Gold edged down 0.1% to $4,015.10 per troy ounce, while silver advanced 1.4% to $57.11 per ounce.
Dow JonesNasdaq CompositeS&P 500$AMD$AXP$GOOG$GOOGL$IBM$INTC$MGY$MU$NVDA$PM$T$TMUS$TSLA$VZ
Sectors
Sector Update: Energy Stocks Rise Monday Afternoon
Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.1%.The Philadelphia Oil Service Sector Index was increasing 0.9%, and the Dow Jones US Utilities Index was shedding 0.5%.In geopolitical news, US Secretary of State Marco Rubio said Sunday night the US "remains open" to talks despite the weekend's violence, and an Iranian official said their side was similarly open to discussions, CNN reported. Iranian Interior Minister Eskandar Momeni is heading a high-level delegation to neighboring Pakistan at the invitation of his Pakistani counterpart, news reports said Monday. The trip comes after Iran's Foreign Ministry announced mediators continue to exchange proposals to get peace talks back on track after nearly two weeks of bombardment.Front-month West Texas Intermediate crude oil decreased 0.1% to $82.42 a barrel, and the global benchmark Brent crude contract rose 0.4% to $88.49 a barrel. Henry Hub natural gas futures fell 2.3% to $2.85 per 1 million BTU.In corporate news, Magnolia Oil & Gas (MGY) agreed to buy privately-held WildFire Energy in a roughly $4.06 billion deal, including debt, that will give it a dominant position in the Giddings field in South Texas. Magnolia shares were down 4.6%.Tamboran Resources (TBN) has completed stimulation, cleanout, and completion activities of the Shenandoah South 3H, 4H, and 5H shale gas wells in the Northern Pilot Area of the Beetaloo Basin in Australia, the company said Monday. Its shares climbed 1.5%.BP (BP) agreed to sell its BP Retail Austria unit, which houses its mobility, convenience, and electric vehicle charging businesses in the country, to Volenergy, according to a Monday statement. BP shares added 0.6%.
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Sectors
Sector Update: Energy
Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1%.The Philadelphia Oil Service Sector Index was increasing 0.9%, and the Dow Jones US Utilities Index was shedding 0.5%.Front-month West Texas Intermediate crude oil decreased 0.2% to $82.35 a barrel, and the global benchmark Brent crude contract rose 0.2% to $88.29 a barrel. Henry Hub natural gas futures fell 2.5% to $2.84 per 1 million BTU.In corporate news, Magnolia Oil & Gas (MGY) agreed to buy privately-held WildFire Energy in a roughly $4.06 billion deal, including debt, that will give it a dominant position in the Giddings field in South Texas. Magnolia shares were down 3.5%.
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