Energy stocks swoon along with broad market

Last update: 6:11 p.m. EST Feb. 29, 2008

NEW YORK (MarketWatch) -- Energy stocks swooned with the broad market Friday as woes about the economy and lower oil prices weighed on the sector, but oil, natural gas and oil services shares still managed to hold on to slim gains for the week.

46.86, -3.29, -6.6%)
results stoked fears about a recession, the Dow Jones Industrial Average retreated more than 300 points. Crude futures fell 75 cents, or 0.7%, to $101.84 a barrel, well below the record of $103.05 set earlier.

The Amex Oil Index (XOI:1,420.75, -37.53, -2.6%) fell 2.6% to 1,421. For the week, the index inched 0.6% higher. For the month, it rose 3.7%.

Occidental Petroleum( OXY 77.37, -3.04, -3.8%) subtracted 4% to $77.37as the leading decliner in the group.

The Amex Natural Gas Index (XNG:604.30, -19.71, -3.2%) dropped 3.2% to 604.3 after setting an all-time high in the previous session, leaving it with a 2.3% gain for the week. The index notched a strong 11% gain for the month, putting it firmly in record-high territory. Noble Energy (NBL:77.40, -3.95, -4.9%) fell 5% to $77.40 as the session's leading decliner.

The Philadelphia Oil Service Index ($OSX:, , ) fell 4.3% to 279, with Cameron International (CAM: 42.48, -2.50, -5.6%) falling nearly 6% to $42.48.

For the week, the oil services group advanced 0.5%, contributing to a robust 10.8% rise for the full month.

Southwestern Energy Co. (SWN:, gf65.23, -2.42, -3.6%) reversed earlier gains and fell 3.6% to $65.23 after doubling its fourth-quarter net income and setting a 2-for-1 stock split. See full story.

VLO 57.77, -0.50, -0.9%) set plans to buy back up to $3 billion of its stock and spend $2.4 billion to expand capacity by 90,000 barrels per day at its Port Arthur, TX refinery. Despite the moves, Valero shares fell 50 cents to $57.77.

Among other movers, Frontier Oil (FTO:35.71, -0.39, -1.1%) fell 1% to $35.71 after it set plans to buy back $100 million of its stock.

Exploration and production firm Canadian Natural Resources (CNQ:74.84, -2.50, -3.2%) fell 3.2% $74.84 after a downgrade to market perform from outperform at Raymond James.

EOG Resources (EOG:118.99, -5.74, -4.6%) fell 4.6% to $118.99 after its 18% run-up in the previous session. RBC Capital downgraded the exploration and production firm to underperform from sector perform.

Fluor Corp. (FLR:139.25, -3.23, -2.3%) , one of the engineering giants in offshore oil and gas construction, fell 3% to $139.25, reversing gains following a strong earnings report on Thursday.

PPL Corp. (PPL:45.38, -1.27, -2.7%) fell 2.7% to $45.38 after it revised its 2007 earnings downward to $3.35 a share, reflecting a fourth-quarter charge of $21 million, or 5 cents a share. The charge was due to a reassessment of its natural gas and propane businesses which are expected to be sold in the second half of 2008.

Calpine Corp. (CPN:18.88, -0.23, -1.2%) dipped 23 cents to $18.88 after it reported 2007 net income of $2.69 billion, or $5.62 a share, on revenue of $7.97 billion. The operator of electricity-generating plants emerged from Chapter 11 bankruptcy at the end of January, a little more than two years after seeking protection from creditors.

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