By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) ? Shares of Cabot Oil & Gas Corp. rallied Friday, in contrast with lackluster performance from the rest of the sector, after the company reported increased production and fourth-quarter results that beat market expectations.
Shares of Cabot /quotes/zigman/221094/quotes/nls/cog COG +10.38% ?rallied 8%, the top gainer among stocks in the S&P 500 index /quotes/zigman/3870025 SPX +0.65% . Read: U.S. stocks rebound to trim weekly losses. .
The company late Thursday reported fourth-quarter adjusted earnings of 27 cents a share, compared with expectations of 22 cents a share.
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Profits reached $40.9 million, from $26.4 million a year earlier. Production in the quarter was higher than expected and reserves expanded, paced by strong performance in the key Marcellus shale formation.
Cabot also unveiled a $1 billion capital expenditure program for this year, foretelling ?aggressive production growth in 2013,? analysts at GHS Research said in a note.
Shares of Exxon Mobil Corp. /quotes/zigman/203975/quotes/nls/xom XOM +0.43% ?declined 0.1%, while shares of ConocoPhillips /quotes/zigman/294662/quotes/nls/cop COP -0.07% ?declined 0.7%. Chevron Corp. /quotes/zigman/289939/quotes/nls/cvx CVX +0.83% ?shares were flat.
U.S.-listed shares of Royal Dutch Shell PLC /quotes/zigman/379078/quotes/nls/rds.a RDS.A +0.91% ?rose 0.5%. Shell said late Thursday it is reassessing its development plan for the North Sea?s Fram oil and gas field after initial drilling showed ?unexpected well results.? The company had planned an average of 35,000 barrels of oil equivalent out of Fram, with first production expected within three years. Exxon?s U.K. unit is a partner at the field.
/conga/story/misc/investing.html 250568Shares of refiner PBF Energy Inc. /quotes/zigman/13139747/quotes/nls/pbf PBF +4.95% ?rose 2.2%. Analysts at Simmons & Co. upgraded PBF Energy to overweight, on ?early signs of success? from the company?s crude procurement strategy.
?PBF recently increased its expectations for crude deliveries by rail and has shown success procuring crudes at substantial discounts to Brent,? the analysts said.
?PBF is the high reward/risk stock in the refining universe in our view,? with the cheapest valuation and most upside potential, the analysts added.
PBF debuted on the New York Stock Exchange in late January, and reported adjusted earnings of $1.70 a share compared with expectations of $1.63 a share.
Refiners were mixed Friday, with Phillips 66 /quotes/zigman/9483013/quotes/nls/psx PSX +2.23% ?up 0.7%. Tesoro Corp. /quotes/zigman/243084/quotes/nls/tso TSO +1.43% ?and Valero Energy Corp. /quotes/zigman/186158/quotes/nls/vlo VLO +0.93% ?, however, were among the top decliners of the day, with shares off 0.8% a piece.
The SPDR Energy Select Sector /quotes/zigman/246199/quotes/nls/xle XLE +0.79% ?exchange-traded fund declined 0.1%. Crude futures were off 0.2%, with April crude /quotes/zigman/2291772 CLJ3 +0.36% ?at $92.64 a barrel on the New York Mercantile Exchange.
/quotes/zigman/221094/quotes/nls/cog
US : U.S.: NYSE
Volume: 4.41M
Feb. 22, 2013 2:53p
/quotes/zigman/3870025 US : S&P Base CME
Volume: 271.59M
Feb. 22, 2013 2:53p
/quotes/zigman/203975/quotes/nls/xom US : U.S.: NYSE
Volume: 5.29M
Feb. 22, 2013 2:53p
Market Cap$398.83 billion
/quotes/zigman/294662/quotes/nls/cop US : U.S.: NYSE
Volume: 2.95M
Feb. 22, 2013 2:52p
/quotes/zigman/289939/quotes/nls/cvx US : U.S.: NYSE
Volume: 3.27M
Feb. 22, 2013 2:52p
Market Cap$225.06 billion
/quotes/zigman/379078/quotes/nls/rds.a US : U.S.: NYSE
Volume: 1.13M
Feb. 22, 2013 2:52p
Market Cap$210.28 billion
/quotes/zigman/13139747/quotes/nls/pbf US : U.S.: NYSE
Volume: 1.59M
Feb. 22, 2013 2:52p
/quotes/zigman/9483013/quotes/nls/psx US : U.S.: NYSE
Volume: 1.91M
Feb. 22, 2013 2:52p
/quotes/zigman/243084/quotes/nls/tso US : U.S.: NYSE
Volume: 1.61M
Feb. 22, 2013 2:53p
/quotes/zigman/186158/quotes/nls/vlo US : U.S.: NYSE
Volume: 5.36M
Feb. 22, 2013 2:52p
/quotes/zigman/246199/quotes/nls/xle US : U.S.: NYSE Arca
Volume: 4.66M
Feb. 22, 2013 2:52p
/quotes/zigman/2291772 US : U.S.: Nymex
Volume: 182,784
Feb. 22, 2013 2:43p
Claudia Assis is a San Francisco-based reporter for MarketWatch. Follow her on Twitter @ClaudiaAssisMW.
Source: http://feeds.marketwatch.com/~r/marketwatch/financial/~3/Pb1JJvM6-y0/story.asp
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