Energy stocks fall as Chevron, Exxon drop
8/17/12 4:27 PM ET (MarketWatch)
NEW YORK (MarketWatch) -- Energy stocks fell despite modest gains in the broad equities market on Friday, even as crude oil pries moved up.
Among big-cap names in the energy sector, Alpha Natural Resources(ANR) dropped 2.3%, Newfield Exploration Co. (NFX) lost 1.9% and Hess Corp. (HES) dipped 1.4%.
On the plus side, Phillips 66(PSX) moved up by 3.9%, Weatherford International(WFT) advanced by 3.2% and QEP Resources(QEP) rose 2.1%.
The Energy Select Sector SPDR Fund(XLE) , which includes energy stocks in the S&P 500
, fell fractionally.
Chevron Corp. (CVX) dipped 0.6% and Exxon Mobil Corp. (XOM) fell 0.3% The two oil producers are components of the Dow Jones Industrial Average
, which rose 25 points.
Crude oil futures for September delivery (CLU2) advanced by 0.4%.
Among the major energy sector benchmarks, the NYSE Arca Oil Index (XOI) dipped 0.5%, the NYSE Arca Natural Gas Index (XNG) slipped 0.1% and the Philadelphia Oil Service Index (OSX) rose 0.4%.
The NYSE Arca Oil Index closed at 1,238 on Friday, below its ending point of 1,245 on Aug. 10. The NYSE Arca Natural Gas Index closed at 648 on Friday, under its ending point of 651 one week ago.
The Philadelphia Oil Service Index closed Friday at 230, up one points for the week.
Among movers, Ion Geophysical Corp. (IO) fell 11% after the energy firm said on Thursday it would "pursue all available legal options," including a possible appeal, after a federal jury returned a verdict against the Houston-based company in a patent-infringement case dating from 2009.