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Friday's Energy Stocks: Street, sector posts losses, Exxon sheds on Q2 results

U.S. equities finished the week with losses as leading technology and energy companies, including Intel Corp. and Exxon Mobil Corp., posted lower-than-expected quarterly results on Friday, July 27. The selloff bled into the energy sector, which also ended up in the red.

The Dow Jones Industrial Average closed 0.30% lower at 25,451.06, and the S&P 500 lost 0.66% to finish the week at 2,818.82.

Oil major Exxon reported second-quarter adjusted earnings of $3.95 billion, or 92 cents per share, up 18% on the year but down 15% from $4.7 billion, or $1.09 per share, in the first three months of the year. Exxon shares, although making a recovery during Friday's session, still ended below breakeven, sliding 2.75% to close at $81.92 on heavy volume.

Shares of oilfield services firm National Oilwell Varco Inc. jumped 10.32% on strong volume to $46.91 after reporting profits following a loss-inflicted first quarter. On a GAAP basis, National Oilwell's second-quarter net income was $24 million, or 6 cents per share, after first-quarter loss of $68 million, or 18 cents per share.

Cabot Oil & Gas Corp. shares dropped 7.73% following the release of quarterly results to $22.81 on nearly three times average volume. The company reported $57.9 million, or 13 cents per share, in adjusted net income for the second quarter, compared to $64.0 million, or 14 cents per share, in the second quarter a year ago.

BHP Billiton Group signed an agreement to sell its U.S. shale assets to BP PLC for $10.5 billion. Analysts received the news well, touting the sale in BHP's interest. BHP shares grew 1.42% to close the day at $50.76 on below-average volume, while BP stock inched 0.04% down to $44.51, also on below-average volume. BP increased its second-quarter dividend by 2.5% to 10.25 cents per share.

Chevron Corp. shares gained 1.63%, closing at $125.97 on high volume after the company reported second-quarter GAAP earnings of $3.4 billion, or $1.78 per diluted share. The results were an improvement from earnings of $1.5 billion, or 77 cents per share, in the second quarter of 2017.

Phillips 66 shares grew 2.41% to close an active session at $118.79 after reporting second-quarter adjusted earnings of $1.32 billion, or $2.80 per share.

The S&P 500 Energy Index shed 0.51% to close at 566.22, and the Alerian MLP Index retreated 2.14% to 274.90.

Among electric and diversified utilities, Portland General Electric Co. stock slid 1.10% to close the day at $44.83 on robust volume. The utility announced net income of $46 million, or 51 cents per share, in the second quarter of 2018, an increase from $32 million, or 36 cents per share, a year ago.

ATCO Ltd. shares lost 2.01% to C$39.97 on heavy volume on the Toronto Stock Exchange after reporting second-quarter 2018 adjusted earnings of C$61 million, or 53 cents per share, down from C$69 million, or 60 canadian cents per share, in the prior-year period.

Covanta Holding Corp. expects to close its energy-from-waste plant in Warren County, N.J., in early 2019, as part of its portfolio optimization plan. Covanta's shares climbed 3.03% to $17.00 on high volume.

California's two largest utility holding companies, Edison International and PG&E Corp., saw their shares decline Friday, July 26. During their separate second-quarter earnings briefings earlier in the week, both companies focused on legislative efforts to address utility liability for damages from wildfires. Analysts at Wells Fargo Securities on July 27 reiterated their existing ratings on both companies but noted California's current legislative session ends Aug. 31. Edison International shares were down 2.25% to $66.51 and PG&E Corp. shares were down 2.73% to $43.48.

The S&P 500 Utilities Index gave away 0.41% to close at 266.89.

Market prices and index values are current as of the time of publication and are subject to change.