NEW YORK (MarketWatch) -- Energy stocks turned around and rose on Friday as the sector drew strength from slim gains in the broad market and higher crude oil prices, despite weakness in shares of Southwestern Energy.
The sector remained in the red for the week, but managed to end in the plus column to finish out the last trading day of February.
The NYSE Arca Oil Index /quotes/comstock/10t!xoi.x (XOI 1,021, +3.13, +0.31%) rose 0.3% to 1,021. The NYSE Arca Natural Gas Index /quotes/comstock/10t!xng.x (XNG 535.86, +1.50, +0.28%) added 0.3% to 536. The Philadelphia Oil Service Index /quotes/comstock/10y!i:osx (OSX 201.23, +0.66, +0.33%) rose 0.3% to 201.
Crude for April delivery rose $1.54, or 2%, to $79.71 a barrel on the New York Mercantile Exchange.
The Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (INDU 10,325, +3.48, +0.03%) rose 4 points to 10,325.
Southwestern Energy Co. /quotes/comstock/13*!swn/quotes/nls/swn (SWN 42.55, -0.44, -1.02%) dropped 1% to $42.55.
The natural gas producer said its fourth-quarter net income rose to $157.8 million, or 45 cents a share, from $104.2 million, or 30 cents a share in the year-ago period.
Gas and oil production rose to 89 billion cubic feet from 57.6 billion cubic feet.
Revenue rose to $624.5 million from $500 million.
Wall Street analysts expected earnings of 45 cents a share and revenue of $543 million, according to a survey by FactSet Research.
Looking ahead, Southwestern said it remains uncertain on the path of natural gas prices in 2010.
"If we see a repeat of the low gas prices we saw in 2009, we will actively manage our capital program and make reductions in our 2010 plan," the company said. "If gas prices rebound in 2010, we could increase our planned investments and accelerate the development of our Fayetteville Shale play by utilizing additional drilling rigs."
Energy stocks down for week, flat for February
The NYSE Arca Oil Index /quotes/comstock/10t!xoi.x (XOI 1,021, +3.13, +0.31%) closed at 1,021 on Friday, 2.2% below its level of 1,044 a week ago, but up 4 points from its starting point of 1,017 for February.
The NYSE Arca Natural Gas Index /quotes/comstock/10t!xng.x (XNG 535.86, +1.50, +0.28%) ended at 536 on Friday, 10 points or 1.8% below its level of 546 seven days ago, but 3.5% above its reading of 518 a month ago.
The Philadelphia Oil Service Index /quotes/comstock/10y!i:osx (OSX 201.23, +0.66, +0.33%) finished at 201 on Friday, 4 points, or 2% below its ending point of 205 a week ago, but above its month-ago reading of 193.
