01:34 PM EDT, 04/05/2024 (MT Newswires) -- Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 1.1% and the Energy Select Sector SPDR Fund (XLE) adding 1.3%.

The Philadelphia Oil Service Sector index was posting a 1.3% increase and the Dow Jones US Utilities index was up 0.2%.

Front-month West Texas Intermediate crude oil was rising 1% to $87.44 a barrel, while global benchmark Brent was advancing 1.2% to $91.73 a barrel. Henry Hub natural gas futures were 2% higher at $1.81 per 1 million BTU.

In corporate news, Chesapeake Energy ( CHK ) said that its planned merger with Southwestern Energy ( SWN ) will be completed in H2 due to additional documents requested by the the Federal Trade Commission. Chesapeake shares were steady and Southwestern slid 0.5%.

Shell (SHEL) shares were up 1.1%. The company said it expects "significantly lower" Q1 results in its liquefied natural gas business compared with an "exceptional" Q4. Separately, Shell and Saudi Aramco, which are competing to buy the assets of Temasek-owned Pavilion Energy, are in final talks on pricing negotiations, Reuters reported Friday.

Woodside Energy's ( WDS ) Chairman Richard Goyder is facing ouster calls from proxy adviser CGI Glass Lewis, which is recommending the company's shareholders to vote against the re-election of Goyder, according to a Glass Lewis proxy paper emailed Friday. Woodside shares rose 1.1%.