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Sector Update: Energy Stocks Moderate In Late Friday Trading

· 02/05/2021 10:57

03:49 PM EST, 02/05/2021 (MT Newswires) -- Energy stocks eased slightly this afternoon, with the NYSE Energy Sector Index climbing 0.7% while the SPDR Energy Select Sector ETF was up 0.8% in late trade.

Front-month West Texas Intermediate crude oil settled 62 cents higher at $56.85 per barrel while the global benchmark Brent crude contract added 63 cents to $59.47 per barrel. Henry Hub natural gas futures fell 7 cents to $2.86 per 1 million BTU.

In company news, CorEnergy Infrastructure Trust (CORR) tumbled more than 11% after late Thursday announcing its $350 million acquisition of pipeline operator Crimson Midstream Holdings. Under terms of the deal, CorEnergy paid $180.6 million in cash, $119.4 million in common and preferred equity and turned over its Grand Isle Gathering System to the sellers in exchange for roughly 1,800 miles of pipelines and related assets in California.

Among gainers, Equinor ASA (EQNR) rose fractionally after the Norwegian energy major Friday said it discovered a new oil and gas reservoir near its Troll field in the North Seas and expected to contain between 44 million and 69 million barrels of oil equivalent.

Occidental Petroleum (OXY) was ending 1% higher, giving back a 3.8% gain earlier Friday after a new regulatory filing showed BlackRock (BLK) cut its stake in the energy major by about 8.6% during 2020, selling 5 million shares and reducing its Occidental holdings to 53.7 million shares.

Noble Midstream Partners (NBLX) recorded a 6.5% advance after Chevron (CVX) Friday presented a non-binding buyout offer to the pipeline company, offering almost $432 million in stock for the 38% of Noble Midstream it doesn't already own. The Chevron bid values Noble Midstream at $12.47 per share, although the company said final terms of the offer still are subject to negotiation and may not result in a transaction. Chevron shares were narrowly lower this afternoon.