Shares of energy companies rose amid further deal activity and a spike in oil prices.
U.S. shale drillers Cabot Oil & Gas and Cimarex Energy agreed to merge in an all-stock deal, combining companies that had a market capitalization of about $14 billion as of Friday. It was the latest in a series of deals among independent drillers that has also seen Pioneer Natural Resources strike two multibillion dollar deals.
Oil futures rose by the most in two months, adding 3.9% to close above $66 a barrel, amid indications that an Iranian nuclear deal was not at hand. Natural-gas futures continued their recent descent, falling for the fifth straight session.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-24-21 1630ET
