Baker Hughes falls after shareholders adjourn BJ merger vote By Steve Gelsi, MarketWatch NEW YORK (MarketWatch) -- Energy stocks extended their losses on Friday as crude-oil prices fell on a stronger dollar while Baker Hughes and BJ Services delayed shareholder meetings on their merger. The NYSE Arca Oil Index (XOI 1,075, -8.43, -0.78%) fell 0.8% to 1,075. The NYSE Arca Natural Gas Index (XNG 535.60, -6.13, -1.13%) dipped 1.1% to 536. The Philadelphia Oil Service Index (OSX 203.81, -5.74, -2.74%) fell 2.7% to 204. Crude futures dropped $1.78 to $80.42 a barrel, putting pressure on energy stocks. Uncertainty about Greece fueled gains for the dollar while the expiration of futures and options contracts led to big swings across markets. Baker Hughes (BHI 47.53, -1.84, -3.73%) fell 3.7% to $47.53. BJ Services (BJS 21.56, -0.80, -3.58%) dropped 3.6% to $21.56. Shareholders from the two companies voted to adjourn their respective meetings concerning Baker Hughes' acquisition of BJ. Shareholders of both companies will reconvene March 31. The value of the deal was put at $5.5 billion in stock when it was announced last summer. Baker Hughes said that both parties are making progress to get antitrust clearance for the deal. On March 15, the companies said the U.S. Department of Justice raised issues on the overlap between the stimulation and sand control businesses in the U.S. Gulf of Mexico. The week's storage data continued to dog the sector, despite some upbeat economic headlines in recent days. Thursday's natural gas inventory data showed a draw of 11 billion cubic feet, less than the forecast of 35 billion cubic feet, noted analysts at Tudor Pickering Holt. On the oil front, data compiled by the Energy Information Administration reported U.S. crude oil inventories rose 1 million barrels for the week ended March 12. Although the figure was better than expected, petroleum stockpiles continue to climb. Among stocks in the spotlight, Nexen Inc. (NXY 24.04, +0.48, +2.04%) said Royal Dutch Shell (RDS.A 58.50, -1.25, -2.09%) made a "significant discovery" in the Eastern Gulf of Mexico at the Appomattox well in Mississippi Canyon blocks 391 and 392. Nexen holds a 20% stake in the project, and Shell operates the well and owns 80%. Located in 7,217 feet of water, the discovery well was drilled to a depth of 25,077 feet and encountered approximately 425 feet net true vertical thickness of oil pay. "Well results have exceeded our pre-drill expectations," the company said. Nexen said it's studying development options for Appomattox and Vicksburg, located six miles east. "We are looking forward to additional drilling at Appomattox to confirm the estimate of total resource and move the discoveries towards development," Nexen said. Nexen's shares rose 2% to $24.04. Royal Dutch Shell dropped 2% to $58.50. Energy stocks flat-to-lower for the week While energy stocks rose earlier this week on optimism about the Fed's move to keep interest rates low, the euphoria quickly faded as crude-oil prices slid from $83 back to $80 a barrel. The NYSE Arca Oil Index closed Friday at 1,075, just one point above its ending point of 1,074 last Friday. The NYSE Arca Natural Gas Index traded at 536, down 3.4% from its close of 555 seven days ago. The Philadelphia Oil Service Index ended at 204, about 4.2% below its week-ago close of 213.

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