West Texas Intermediate crude oil was sinking $1.93 to $103.24 per barrel while North Sea Brent crude also was sliding $1.93 to $105.65 per barrel. Henry Hub natural gas futures were surging $0.55 higher to $8.02 per 1 million BTU.
In company news, CVR Energy (CVI) climbed nearly 14% after the petroleum refinery and nitrogen fertilizer company reported a surprise GAAP profit for its Q1 ended March 31, earning $0.93 per share compared with a $0.39 per share net loss during the same quarter last year and topping the Capital IQ consensus expecting a $0.10 per share loss. Revenue grew 62% year-over-year to $2.37 billion, also exceeding the $1.83 billion analyst mean.
Ameresco (AMRC) gained more than 11% after reporting non-GAAP Q1 net income of $0.36 per share, improving on its $0.25 per share adjusted profit during the same quarter in 2021 and exceeding the Capital IQ consensus looking for the clean-energy technology firm earning $0.28 per share during the three months ended March 31, excluding one-time items. Revenue rose 88% to $474 million, blowing past the $410.8 million Street view.
Devon Energy (DVN) added 9.6% after the oil and natural gas producer reported core Q1 net income and revenue exceeding analyst estimates and also increasing its quarterly dividend by 27% to $1.27 per share. Excluding one-time items, it earned $1.88 per share compared with its $0.45 per share adjusted profit during the year-ago quarter and the Capital IQ consensus expecting $1.76 per share.
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