03:34 PM EDT, 04/02/2024 (MT Newswires) -- Energy stocks were gaining late Tuesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each adding about 1.2%.

The Philadelphia Oil Service Sector Index was posting a 1.6% increase, while the Dow Jones US Utilities Index was fractionally higher.

Front-month West Texas Intermediate crude oil was rising 1.8% to $85.22 a barrel, while global benchmark Brent was advancing 1.8% to $89.03 a barrel. Henry Hub natural-gas futures were 1% higher at $1.86 per 1 million BTU.

In corporate news, VivoPower International ( VVPR ) shares surged 308% after its Tembo unit said it has signed a binding heads of agreement to exclusively negotiate a business combination with blank-check firm Cactus Acquisition (CCTS).

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 1.6%, while ChampionX ( CHX ) jumped almost 10%.

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 21%, while GE Vernova was up 0.5%.

Trio Petroleum (TPET) shares soared 48% after the company said it borrowed $125,000 from Chief Executive Michael Peterson on March 26.