By Claudia Assis, MarketWatch
SAM FRANCISCO (MarketWatch) -- Energy stocks rose Friday, with shares of oil-field services company Baker Hughes Inc. leading the way after it announced third-quarter results that were above Wall Street's expectations.
Shares of Baker Hughes (BHI) rose more than 8% before moderating to 7.7%. The company announced adjusted third-quarter profits of 81 cents a share, from 73 cents a share a year earlier. Revenue rose 8.1% to $5.79 billion.
Analysts had expected earnings around 78 cents. Baker Hughes attributed the good results mostly to its North American operations.
Shares of rival Schlumberger Ltd. (SLB) rose 2.4%. Schlumberger also reported third-quarter earnings Friday, saying profits reached $1.29 a share, up from $1.07 a share a year earlier. Revenue rose 11% to $11.61 billion. Analysts had expected profits of $1.24 a share.
Top gainers also included Pioneer Natural Resources (PXD), with shares up 3.3%, and Chesapeake Energy Corp. (CHK), which rose 2.6%.
Major oil and gas companies were mixed, with Exxon Mobil Corp. (XOM) shares up 0.1%. Chevron Corp. (CVX) shares advanced less than 0.1%. ConocoPhillips shares (COP), however, were off 0.5%.
Among top decliners, Cabot Oil & Gas Corp. (COG) shares fell 2.1%.
Shares of Occidental Petroleum Corp. (OXY) declined 0.2%.
Occidental said earlier Friday it was selling part of its Middle East and North African assets, without specifying which, and that it will look for buyers for assets in the Rocky Mountains area.
The goal is to make the company smaller, and improve profitability, Occidental said.
The SPDR Energy Select Sector (XLE), an exchange-traded fund focused on energy names, rose 0.7%.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
10-18-13 1239ETCopyright (c) 2013 Dow Jones & Company, Inc.
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