01:47 PM EDT, 03/11/2024 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index adding 0.1% and the Energy Select Sector SPDR Fund (XLE) increasing 0.4%.

The Philadelphia Oil Service Sector index climbed 0.8% and the Dow Jones US Utilities index rose 0.2%.

Front-month West Texas Intermediate crude oil was declining 0.2% to $77.88 a barrel while the global benchmark Brent crude contract was advancing 0.1% to $82.20 a barrel. Henry Hub natural gas futures slumped 2.6% to $1.76 per 1 million BTU.

In corporate news, Amplify Energy ( AMPY ) shares surged 13.4% as the US Coast Guard said it believes that the oil sheen off Huntington Beach, California, and the discharge of produced water from Platform Elly are not related.

EQT (EQT) has agreed to buy its former company Equitrans Midstream ( ETRN ) in an all-stock deal worth about $5.5 billion, The Wall Street Journal reported Monday. EQT shares dropped 8.2% while Equitrans Midstream ( ETRN ) rose 2.5%.

Ballard Power Systems ( BLDP ) shares tumbled past 9% as the company reported a Q4 loss of $0.16 per share, widening from a loss of $0.09 a year earlier. Analysts polled by Capital IQ expected a per-share loss of $0.13.