01:38 PM EDT, 04/02/2024 (MT Newswires) -- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 0.8% and the Energy Select Sector SPDR Fund (XLE) up 0.5%.

The Philadelphia Oil Service Sector index was posting a 0.8% increase, and the Dow Jones US Utilities index added 0.1%.

Front-month West Texas Intermediate crude oil was rising 1.2% to $84.68 a barrel, while global benchmark Brent was advancing 1.2% to $88.46 a barrel. Henry Hub natural-gas futures were 2.2% higher at $1.88 per 1 million BTU.

In corporate news, Schlumberger ( SLB ) agreed to buy ChampionX ( CHX ) in an all-stock deal. Each ChampionX ( CHX ) share will be entitled to 0.735 shares of Schlumberger ( SLB ), translating into $40.59 per ChampionX ( CHX ) share, according to an investor presentation. The $40.59-per-share consideration gives a deal valuation of $7.76 billion, according to MT Newswires' calculation. Schlumberger ( SLB ) shares were down 2.7%, while ChampionX ( CHX ) jumped almost 8%.

General Electric ( GE ) completed the separation of its GE Vernova (GEV) renewable energy business on Tuesday, wrapping up the company's multiyear transformation. General Electric ( GE ) shares tumbled 20%, while GE Vernova was up 5.6%.

MRC Global ( MRC ) said Tuesday that Daniel Silvers has been appointed to its board following a cooperation agreement with shareholder Engine Capital. MRC shares shed 0.9%.