While the Energy sector currently does not provide a wide depth of names delivering attractive and/or sustainable yields, that should improve in the years ahead as companies continue to moderate spending, generate free cash flow and increasingly return cash to shareholders through dividends rather than share buybacks, Piper Jaffray analyst Pearce Hammond tells investors in a research note. His top Energy income ideas are Total, (TOT), Enterprise Products, Energy Transfer LP (ET), Phillips 66 (PSX), Valero (VLO), ConocoPhillips (COP), Noble Energy (NBL), Baker Hughes (BKR), Halliburton (HAL), Schlumberger (SLB), Berry Petroleum (BRY), Helmerich & Payne (HP), NexTier Oilfield, Solaris Oilfield (SOI), Brigham Minerals (MNRL) and Viper Energy (VNOM).

Baker Hughes reports that the U.S. rig count is down 6 from last week to 613 with oil rigs down 5 to 506, gas rigs down 1 to 105 and miscellaneous rigs unchanged at 2. The U.S. Rig Count is down 142 rigs from last year's count of 755 with oil rigs down 85, gas rigs down 56 and miscellaneous down 1. The U.S. Offshore Rig Count is down 3 to 17, down 3 year-over-year. The Canada Rig Count is down 9 from last week to 118, with oil rigs down 4 to 56, and gas rigs down 5 to 62. The Canada Rig Count is up 25 from last year's count of 93, with oil rigs up 20, and gas rigs up 5.

Energy Transfer announced an increase in its quarterly cash distribution to $0.3175 per Energy Transfer common unit $1.27 on an annualized basis for the first quarter ended March 31. This cash distribution per Energy Transfer common unit will be paid on May 20 to unitholders of record as of the close of business on May 13 and is an increase of 3.3% as compared to the first quarter of 2023