West Texas Intermediate crude oil settled $2.76 lower at $102.41 per barrel while North Sea Brent crude also was sliding $2.13 to $105.45 per barrel. Henry Hub natural gas futures surged $0.48 to $7.95 per 1 million BTU, earlier topping out with a $0.70 gain.
In company news, Tetra Technologies (TTI) raced more than 19% higher after the energy services company overnight reported a surprise Q1 profit, earning $0.06 per share during the three months ended March 31, excluding one-time items, reversing a $0.01 per share adjusted loss during the same quarter in 2021 and topping the analyst mean looking for another $0.01 per share non-GAAP loss. Revenue grew 14.9% over year-ago levels to $130 million, while analysts, on average, had been expecting $115.8 million in Q1 revenue.
CVR Energy (CVI) climbed 17% 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 13% 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 9.8% 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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