Energy stocks kicked off the month of May with gains Friday, despite flat-to-lower action in the broad market.
The Amex Oil Index rose 0.5% to 881 points. The Amex Natural Gas Index rose 1.1% to 392. The Philadelphia Oil Service Index rose 1% to 152.
Chevron Corp. (CVX) shares fell 33 cents to $65.77 after it said its profit fell by 64%.
Crude prices provided a lift to the sector, with futures on the New York Mercantile Exchange recently rising 88 cents to $52.
Meanwhile, shares of natural gas company NiSource (NI) said first-quarter profit fell 16% to $159.3 million, or 58 cents a share, from $189.5 million, or 69 cents a share in the year-ago period. Shares rose 2% to $11.21.
Among movers in the energy patch, shares of Hess Corp. (HES) rose 1.1% to $55.40, Nabors Industries (NBR) rose 1% to $15.36 and Apache Corp. (APA) jumped 2.4% to $74.62.
http://online.wsj.com/article/BT-CO-20090501-707004.html
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