By Steve Gelsi
U.S. energy stocks held on to some of the gains from earlier in
the session Monday, with shares of oil service giant Halliburton
providing a lift after its profit update.
The sector fell back from highs during the session as a broad
rally cooled off.
The Amex Oil Index (XOI) rose 3.1% to 964, led by a gain of 7%
for Total SA (TOT), Sunoco (SUN) rose about 5% and Hess Corp. (HES)
rose about 4%.
The Amex Natural Gas Index (XNG) rose 1.7% to 379. Chesapeake
Energy Corp. (CHK) rose about 3% and Noble Energy (NBL) gained
about 5%.
The Philadelphia Oil Service Index (OSXX) rose 3% to 129, led by
a rise of 9% from Noble Corp. (NE).
Halliburton (HAL) rose 3% to $18.78 as it put a years-long
bribery investigation into its former Kellogg Brown & Root unit
behind it with a $383 million settlement. Halliburton also beat
Wall Street's earnings targets.
Weatherford (WFT) dipped 1% to $10.73 after it managed to post a
5% increase in fourth-quarter net income despite losses throughout
the sector.
Crude prices fell 82 cents to $47.55.
Investors waded into petroleum shares after a positive Barron's
article about integrated oil giants presenting a buying
opportunity.
Barron's singled out Exxon Mobil (XOM) as the most likely for a
dividend increase because of its rich cash position. Shares of
Exxon Mobil rose 1% to $78.93.
-Steve Gelsi; 415-439-6400; AskNewswires@dowjones.com
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