01:51 PM EDT, 05/24/2024 (MT Newswires) -- Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index adding 0.4% and the Energy Select Sector SPDR Fund (XLE) up 0.1%.

The Philadelphia Oil Service Sector index was advancing 0.2%, and the Dow Jones US Utilities index rose 1%.

Front-month West Texas Intermediate crude oil was rising 1.3% to $77.85 a barrel while the global benchmark Brent crude contract was up 1.1% to $82.24 a barrel. Henry Hub natural gas futures slumped 3.5% to $2.56 per 1 million BTU.

In corporate news, Martin Midstream Partners ( MMLP ) said Friday that Martin Resource Management has made a non-binding proposal to buy all of the units of Martin Midstream Partners ( MMLP ) it doesn't already own for $3.05 per unit in cash. Martin Midstream ( MMLP ) shares popped 3.8%.

Hess (HES) Chief Executive John Hess has until Tuesday to resolve some shareholders' concerns over the proposed $53 billion merger with Chevron ( CVX ) , Reuters reported Friday. Hess shares were rising 0.9% while Chevron ( CVX ) was up 0.6%.

TotalEnergies (TTE) is mulling the cross-listing of its shares in the US while maintaining its Euronext listing, Reuters reported Friday, citing the company's Chief Executive Patrick Pouyanne. TotalEnergies was up 1.7%.