The Philadelphia Oil-Service Sector index was falling 0.6%, and the Dow Jones US Utilities Index was slipping 1.1%.
West Texas Intermediate crude oil was rising $0.41 to $110.00 per barrel, while North Sea Brent crude was advancing $1.40 to $110.51 per barrel. Henry Hub natural gas futures were $0.01 lower at $8.36 per 1 million BTU.
In company news, Centennial Resource Development (CDEV) fell 5.8% after the oil and natural gas producer Thursday said it was merging with privately held Colgate Energy Partners, with Centennial issuing 269.3 million shares and paying $525 million in cash in addition to assuming around $1.4 billion of Colgate debt as part of the $3.9 billion transaction. Centennial shareholders will own 53% of the combined companies.
PNM Resources (PNM) was edging lower this afternoon, swinging between narrow gains and loss, after the utility company Thursday said chief financial officer Don Tarry would move up to become president and chief operating officer. Company treasurer Lisa Eden will succeed Tarry as CFO.
Avangrid (AGR) rose 0.6% after the electric utility said it has signed a host community agreement for its Park City wind project on Cape Cod and will pay $16 million to the town of Barnstable, Massachusetts, for hosting the project.
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