By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) -- Energy stocks rose on Wednesday, tracking the broader equity market and notching a second day of gains.
ConocoPhillips (COP) was among the top gainers of the day, with shares up 1.8%. The company said late Tuesday that an arbitration tribunal had sided with it in a dispute with Venezuela.
The World Bank's International Center for Settlement of Investment ruled Venezuela's seizure of oil projects in the country in 2007 was unlawful.
ConocoPhillips helped develop the Petrozuata and Hamaca projects in the Orinoco heavy-crude belt, and the offshore Corocoro project in Venezuela with "substantial long-term investments," the company said.
Hugo Ch��vez, then Venezuela's president, forced multinational oil producers to form joint ventures as minority partners. ConocoPhillips wrote off about $4.5 billion in 2007 related to the case, analysts at Simmons & Co. said.
The arbitration will continue to determine how much is owed to ConocoPhillips. Analysts warned the process is lengthy and enforcement and collection could be an issue.
Shares of Exxon Mobil Corp. (XOM) rose 0.9%, while Chevron Corp. (CVX) shares advanced 0.5%.
Top decliners on Wednesday included Kinder Morgan, Inc. (KMI), with shares off 4.3%.
The SPDR Energy Select Sector (XLE), an exchange-traded fund focusing on energy names, rose 0.7%.
A study by consultant IHS said the effects of the U.S. energy boom will trickle down to family incomes, boost trade and contribute to increased U.S. competitiveness.
The "revolution" in unconventional oil and gas exploration will also support nearly 3.9 million jobs by 2025, IHS said. Unconventional oil and gas includes production from oil sands, shale formations and deep water.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
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09-04-13 1222ETCopyright (c) 2013 Dow Jones & Company, Inc.
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