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Energy Companies Experience Rise Amid Deal Activity

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Shares of energy companies have seen an upward trend due to recent deal activity. One notable transaction involves Sunoco, a gas-station operator, acquiring NuStar Energy, a liquids terminal and pipeline operator. This deal, valued at approximately $7.3 billion in stock and debt, showcases the industry’s growth potential.

Halliburton, a prominent oil-services giant based in Houston, also witnessed a surge in its stock price ahead of its upcoming quarterly earnings report. Investors are eagerly anticipating the company’s financial results.

However, Exxon Mobil faces legal challenges as it files lawsuits against two sustainable investment firms, Arjuna Capital and Follow This. The oil company aims to prevent these firms from presenting a shareholder proposal that would require Exxon Mobil to further reduce its greenhouse gas emissions. This proposal would also target the emissions generated by the company’s customers. These legal battles highlight the ongoing tensions surrounding environmental concerns within the energy industry.

J.D. Joyce, president of Houston-based financial advisory firm Joyce Wealth Management, acknowledges that the energy sector has underperformed in 2024 so far. However, he emphasizes that when considering the past two years, energy might not be as weak as it initially appears. In fact, during 2022, energy was the only sector that experienced substantial growth, boasting a remarkable 66% increase.

Joyce also notes that the sector is currently benefiting from increased merger-and-acquisition activity. This industry consolidation further contributes to its overall positive outlook.

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