NEW YORK (MarketWatch) -- Investors waded into energy stocks on Friday as oil and natural gas producers recovered from losses in the previous session on optimism tied to the latest government bailout plan for Detroit.
The Amex Oil Index rose 0.4% to 949. The Philadelphia Oil Service Index rose 1.6% to 115. The Amex Natural Gas Index advanced 2.8% to 371.
Crude prices fell 79 cents to $35.43. See full story.
Among energy stocks in the spotlight, Southwestern Energy Co. rose 11% to $28.20.
The company said it plans to spend $2 billion on capital projects in 2009, up from about $1.5 billion in 2008.
All but $500 million of the budget will go toward boosting production at the company's Fayetteville Shale play in Arkansas.
The S&P 500 component targeted 2009 total oil and gas production of 280 to 284 billion cubic feet equivalent, an increase of approximately 48% over the company's current forecasted 2008 production of 190 to 192 billion cubic feet equivalent.
