MW Energy stocks ignite at Trump declares 'drill baby drill'

By Steve Gelsi

Halliburton, Schlumberger, Uranium Energy, Exxon, Chevron all rise in premarket trading

Energy stocks moved up Tuesday on the heels of President Donald Trump repeat of the slogan "Drill baby drill," in his inauguration speech.

While oil futures fell Tuesday on the prospect for increased supply, Trump sparked buying in energy stocks after declaring a national energy emergency to speed oil and gas permitting.

He also ordered the withdrawal from the Paris Agreement, which is an international alliance to combat climate change.

"We will drill, baby, drill," Trump said,. "We will bring prices down, fill our strategic reserves up again right to the top, and export American energy all over the world"

Among the stocks moving higher in premarket action, drilling companies Halliburton Co. $(HAL)$ rose 1.7% and Schlumberger $(SLB)$ advanced by 0.9%.

Oil majors Chevron Corp. $(CVX)$ rose 0.2% and Exxon Mobil Corp. $(XOM)$ moved up by 0.1%.

Oneok Inc. $(OKE)$ and Kodiak Gas Services Inc. rose fractionally; TechnipFMC $(FTI)$ advanced by 2.4%, KLX Energy Services Holdings $(KLXE)$ rose 3%, and Ranger Energy Services Inc. (RNGR) jumped 6.9%. Archrock Inc. $(AROC)$ moved higher by 1.3% and Flotek Industries $(FTK)$ rose 0.8%.

NCS Multistage Holdings Inc. $(NCSM)$ fell 4.6% and an outlier.

Mining company Uranium Energy Corp. (UEC) moved up by 2.3% and Cameco Corp. $(CCJ.AU)$, a uranium specialist, rose 1.4%.

Also read: Oil prices fall as investors assess Trump call to boost output vs. tariff threat

-Steve Gelsi

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January 21, 2025 08:44 ET (13:44 GMT)

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