01:37 PM EDT, 05/07/2024 (MT Newswires) -- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each adding about 0.4%.

The Philadelphia Oil Service Sector index was posting a 1.4% increase and the Dow Jones US Utilities index was rising 0.7%.

Front-month West Texas Intermediate crude oil was rising 0.5% to $78.86 a barrel while the global benchmark Brent crude contract was advancing 0.2% to $83.49 a barrel. Henry Hub natural gas futures were 0.3% lower at $2.19 per 1 million BTU.

In corporate news, Consol Energy ( CEIX ) reported Q1 earnings of $3.39 per share, down from $6.55 a year earlier. Two analysts polled by Capital IQ expected $2.38. Its shares spiked 3.3%.

BP (BP) reported Q1 underlying earnings Tuesday of $0.97 per American depositary share, down from $1.66 a year earlier. Analysts polled by Capital IQ expected $1.02. BP was falling 3.1%.

Exxon Mobil ( XOM ) plans to set up a single North American research and technology hub at its Houston headquarters and close campuses in Clinton, New Jersey, and Sarnia in Ontario, Bloomberg reported. Exxon added 0.2%.