Pioneer, Denbury Resources boost energy stocksClaudia Assis
SAN FRANCISCO (MarketWatch) -- Energy stocks gained Tuesday, rebounding despite the budget impasse in Washington and the ensuing government shutdown.
Top gainers among energy companies on the S&P 500 index included Pioneer Natural Resources (Symbol : PXD) , up 3%, and Denbury Resources Inc. (Symbol : DNR) , up 2.2%.
Among major oil and gas companies, shares of Exxon Mobil Corp. (Symbol : XOM) declined 0.1%, while shares of ConocoPhillips (Symbol : COP) rose 0.8%.
Shares of Chevron Corp. (Symbol : CVX) declined 0.2%.
Japanese utility Tohoku Electric Power Co. closed a 20-year deal to buy more liquefied natural gas from Australia from Chevron (Symbol : CVX) and its partner Wheatstone LNG. Chevron (Symbol : CVX) has a 64.1% stake in the $29 billion Wheatstone gas project, due to ship its first LNG in 2016. Minority partners include Apache Corp. (Symbol : APA) with 13% and Kuwait Foreign Petroleum Exploration Co. with 7%.
Shares of Apache advanced 1.6%.
Anadarko Petroleum Corp. (Symbol : APC) shares rose 0.5%.
Moody's Investors Service on Monday raised its outlook on Anadarko's debt to positive, citing the oil and gas producer's strong operating performance and possible clarity on certain legal liabilities.
Moody's said the company's Baa3 rating, the lowest investment-grade level, is supported by a diversified U.S. property base and exposure to numerous overseas markets. Anadarko also benefits from having nearly half of its production from oil and natural-gas liquids, offsetting weak natural-gas prices.
Among the few energy firms in the red Tuesday, refiners Tesoro Corp. (Symbol : TSO) and Valero Energy Corp. (Symbol : VLO) declined 2% and 0.9%, respectively. The SPDR Energy Select Sector , an exchange-traded fund focused on energy names, advanced 0.6%.
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