Energy stocks soared this afternoon, with the NYSE Energy Sector index climbing 2.8% while the SPDR Energy Select Sector ETF (XLE) was up 3.5%. The Philadelphia Oil-Service Sector Index was up 4.7% and the Dow Jones US Utilities Index was ahead 0.2%.

Month one West Texas Intermediate crude rose $ 0.92 to $ 77.00 per barrel while the global benchmark Brent crude contract rose $ 1.00 to $ 79.98 per barrel. Henry Hub natural gas futures were $ 0.07 to $ 3.74 lower per million BTUs.

In company news, NexTier Oilfield Solutions (NEX) rallied on Tuesday, rising nearly 25%, after the company said Monday evening it expected revenue of between $ 500 and $ 510 million for the fourth quarter just ended, beating Wall Street estimates at $ 494.5 million. of sales for the three months ended December 31. It also plans to deploy an additional enhanced Level 4 dual-fuel fracking fleet during the first quarter, averaging 32 fleets during the quarter.

Valaris (VAL) climbed 3.4% after announcing new bareboat charter contracts from ARO Drilling on Monday evening for four of its offshore drilling rigs, with three-year extensions to existing charters with ARO Drilling and the first two new jackups scheduled for delivery in the second half of 2022.

Exelon (EXC) edged down, reversing a nearly 1% gain by mid-morning, after RBC Capital Markets raised its price target for the electric and natural gas utility from $ 9 to $ 60. $ per share and reiterated its outperformance rating for the stock ahead of the company’s planned split from its retail energy and production business Constellation Energy later this quarter into a stand-alone company.