Shares of energy companies fell as oil futures settled lower, extending their loss from last week as concerns over China's economy contributed to the first weekly price loss in eight weeks.
Natural-gas prices finished the day a solid 3.3% higher at $2.632/mmBtu following a sharp 7.9% weekly decline last week. The heat in places like Texas remains above normal and could lead to yet another smaller-than-normal storage injection in this week's report that further narrows a storage overhang, analysts said.
In deal news, Permian Resources agreed to acquire Earthstone Energy in an all-stock deal valued at $4.5 billion. Permian Resources said the acquisition would accelerate its cash returns to shareholders, announcing plans to increase its quarterly dividend by 20% to 6 cents per share, starting in the first quarter of 2024.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
08-21-23 1757ET
