NEW YORK (MarketWatch) � Energy stocks came under pressure on Friday as crude oil prices fell further under $100 a barrel, but shares of Schlumberger Ltd. and Marathon Petroleum Corp. held onto earlier gains.
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Checking the energy sector benchmarks, the NYSE Arca Oil Index XX:XOI �fell 0.2%, the NYSE Arca Natural Gas Index XX:XNG �dropped 0.4% and the Philadelphia Oil Service Index OSX �gave up 0.7%.
Among individual issues in the red, Cabot Oil & Gas COG ! �and Pioneer Natural Resources PXD �dropped about 3% each. BP PLC BP �declined about 1.5%, Helmerich & Payne HP �lost 2.2% and Consol Energy CNX �fell about 2.1%.
Among upside movers, Marathon Petroleum Corp. MPC �rose 3.7%. Late Thursday, hedge fund Jana Partners said it acquired a 5.5% stake in the company, according to a filing with regulators.
In the commodities markets, crude futures fell about 2% to pull back below $99 a barrel, while natural-gas futures rose 1.4% to $2.40 per million British thermal units, recovering after setting 10-year lows this week. See Futures Movers for more on energy prices.
Schlumberger Ltd. holds gains on view
Schlumberger�s shares SLB �moved up by 1.3%, gaining after the largest provider of oil services by market capitalization said it expects to generate growth in 2012 in spite of a glut of natural gas in North America and challenges posed by the sovereign-debt crisis in Europe.
/quotes/zigman/1470028 OSX 235.38, -3.83, -1.60%
�We remain confident that any potential reductions in activity will be short-lived and that our competitive position remains strong,� Schlumberger said.
Natural-gas markets are seeing storage levels well above five-year highs, while futures prices for the fuel are mired at 10-year lows.
However, oil prices are expected to remain close to current levels, and global demand for liquefied natural gas continues to increase, Schlumberger said.
Recent capital-spending forecasts from exploration-and-production companies also point to higher investment in oil services, particularly in international markets, Schlumberger said.
Analysts at Tudor Pickering Holt said Schlumberger�s fourth-quarter earnings of $1.11 a share came in ahead of their estimate of $1.08.
Natural gas shares end tough week
Shares of natural gas producers ended the week in the red on Friday, while oil service shares rose handily.
The NYSE Arca Natural Gas Index closed at 618 on Friday, below its finish of 621 from one week ago! . The in dex has fallen about 6% since it touched 659 on Jan. 5.
The NYSE Arca Oil Index closed at 1,273 on Friday, about 2.9% above its week-ago finish of 1,236.
The Philadelphia Oil Service Index closed Friday at 234, above its week-ago ending point of 223 by about 4.9%.
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