HOUSTON (AFX) -- Oil and gas stocks recovered from their initial losses and managed to closely slightly higher Monday, even as commodity prices fell.
The Amex Oil Index rose 0.5% to 1,068.53 points, while the Amex Natural Gas Index was basically flat, adding 0.02% to 396.77 points. The Philadelphia Oil Service Index climbed 0.2% to 202.64 points.
In corporate news, Exxon Mobil Corp. signed an agreement with Abu Dhabi National Oil Company to develop the Upper Zakum oil field, one of the largest in the world, Exxon said in a release.
The partnership hopes to increase production in the field, located offshore the United Arab Emirates, by 50% to 750,000 barrels a day, said Exxon.
Exxon, the world's largest publicly traded oil company in terms of market capitalization., holds a 28% stake in the venture. Adnoc owns a 60% interest and Japan Oil Development Co. has 12%.
Exxon stock added 0.2% to $61.29.
ConocoPhillips led advances among the oil index's 13 components, climbing 2.1% to $63.10.
In the oil service sector, Atwood Oceanics Inc. stock slipped 0.1% to $98.50, recovering from a loss of as much as 1.4%.
Analysts at Banc of America Securities reduced the company's fiscal year 2006/2007 earnings per share estimates to $4.67/$9.81 from $4.68/$10.45 as a result of the offshore driller's announcement last week that four of its eight rigs are expected to work on lower dayrate contracts longer than previously expected.
Atwood has been the best performing offshore driller this year, said Banc of America Securities in a note to clients, but cautioned the stock was now trading at a 12% premium to its peers.
In energy trading, crude for May delivery shed 10 cents to close at $64.16 a barrel.
Meanwhile, natural gas was down 22.3 cents to close at $7.067 per million British thermal units. This story was supplied by MarketWatch. For further information see www.marketwatch.com.
The Amex Oil Index rose 0.5% to 1,068.53 points, while the Amex Natural Gas Index was basically flat, adding 0.02% to 396.77 points. The Philadelphia Oil Service Index climbed 0.2% to 202.64 points.
In corporate news, Exxon Mobil Corp. signed an agreement with Abu Dhabi National Oil Company to develop the Upper Zakum oil field, one of the largest in the world, Exxon said in a release.
The partnership hopes to increase production in the field, located offshore the United Arab Emirates, by 50% to 750,000 barrels a day, said Exxon.
Exxon, the world's largest publicly traded oil company in terms of market capitalization., holds a 28% stake in the venture. Adnoc owns a 60% interest and Japan Oil Development Co. has 12%.
Exxon stock added 0.2% to $61.29.
ConocoPhillips led advances among the oil index's 13 components, climbing 2.1% to $63.10.
In the oil service sector, Atwood Oceanics Inc. stock slipped 0.1% to $98.50, recovering from a loss of as much as 1.4%.
Analysts at Banc of America Securities reduced the company's fiscal year 2006/2007 earnings per share estimates to $4.67/$9.81 from $4.68/$10.45 as a result of the offshore driller's announcement last week that four of its eight rigs are expected to work on lower dayrate contracts longer than previously expected.
Atwood has been the best performing offshore driller this year, said Banc of America Securities in a note to clients, but cautioned the stock was now trading at a 12% premium to its peers.
In energy trading, crude for May delivery shed 10 cents to close at $64.16 a barrel.
Meanwhile, natural gas was down 22.3 cents to close at $7.067 per million British thermal units. This story was supplied by MarketWatch. For further information see www.marketwatch.com.