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Wednesday's Energy Stocks: Exxon Mobil down 2.52%

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Wednesday's Energy Stocks: Exxon Mobil down 2.52%

U.S. markets finished lower on Wednesday, March 7, but recovered from deeper declines earlier in the day prompted by the resignation of Gary Cohn, President Donald Trump's top economic adviser and free trade advocate. His departure has raised investor concerns over Trump's planned imposition of aluminum and steel tariffs.

The Dow Jones Industrial Average decreased 0.33% to close at 24,801.36, while the S&P 500 retreated 0.05% to finish at 2,726.80.

Exxon Mobil Corp. shares dropped 2.52% to close a brisk session at $74.26. During an analyst day conference, Exxon Mobil management said the supermajor expects earnings to more than double by 2025, at 2017 crude oil prices.

Enbridge Inc. shares retreated 1.07% to end the day at $31.43 on slim volume. Enbridge subsidiary Spectra Energy Capital LLC's tender offer for two series of its senior notes yielded nearly $107 million of valid tenders upon the offer's March 6 expiration date.

Southwestern Energy Co.'s stock price lost 5.45% to close at $4.16 on light volume, and Plains GP Holdings LP shares slid 2.44% to end a robust day at $21.59.

CVR Refining, LP shares gained 2.70% to close the day at $13.30 on light volume.

Pattern Energy Group Inc. stock grew 2.29% to finish the session at $17.44 on above-average volume, NextEra Energy Partners units added 1.76% on light volume to end the day at $38.12 and TerraForm Power Inc shares hiked 1.11% to end at $11.81 on slim volume.

NRG Energy Inc. saw its shares grow 0.58% on above-average trading to close at $29.38. The company announced changes to its board of directors, as it continues to evolve its business to a more customer-focused approach. Ormat Technologies Inc. shares fell 1.48% to end a heavy trading session at $54.48.

In electric utilities, Edison International's share price decreased 1.60% on below-average volume to end at $59.11 and Westar Energy Inc.'s stock price retreated 0.78% on high volume to end the day at $49.33. Otter Tail Corp. shares climbed 0.99% to wrap the day at $40.75 on thin volume.

In coal, Foresight Energy LP reported a net loss of $74.2 million, or 49 cents per unit, in the fourth quarter of 2017, compared with a loss of $85.0 million, or 65 cents per unit, in the same quarter a year earlier. Foresight's shares declined 0.52% to close a slow day at $3.80.

CNX Resources Corporation stock added 0.98% on about average volume to close the day at $17.48. Natural Resource Partners LP stock climbed 0.99% on light volume to close at $30.65.

April natural gas extended gains as traders await the next major catalyst for prices, storage data for the week to March 2, while weather outlooks point to returning cold that could bump up heating demand. The contract settled with a 2.8-cents gain at $2.777/MMBtu, while trading a range from $2.744/MMBtu to $2.788/MMBtu.

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