NEW YORK (MarketWatch) -- Energy stocks ended flat to lower Friday as slower-than-expected growth in U.S. gross domestic product knocked the air out of equities after what's been primarily a month of gains.
The NYSE Arca Oil Index (XOI 978.64, +0.86, +0.09%) rose fractionally to 979. The NYSE Arca Natural Gas Index (XNG 515.81, -1.08, -0.21%) declined 0.2% to 516. The Philadelphia Oil Service Index (OSX 181.57, -0.64, -0.35%) fared the worst, dropping 0.4% to 182.
Shares of Chevron Corp. (CVX 76.21, +0.19, +0.25%) rose 0.3% to $76.21. The Dow Jones Industrial Average reported a second-quarter profit that tripled, beating expectations. It also raised its 2010 production growth outlook to 3% from 1%. See: Chevron earnings story.
Also on the earnings front, American Electric Power (AEP 35.98, -0.12, -0.33%) sipped 0.3% to $35.98, after the utilities giant reported a lower net profit for the second quarter. See: AEP income falls on one-time costs.
First Solar Inc. (FSLR 125.45, -10.05, -7.42%) dropped as well, retreating 7.4% to $125.45.
Late Thursday, the solar panel maker said second-quarter profit fell to $159 million, or $1.84 a share, from $180.6 million, or $2.11 a share, a year ago. Revenue for the three months ended June 26 rose 12% to $587.9 million from $525.9 million.
Analysts surveyed by FactSet Research had predicted, on average, that the Tempe, Ariz.-based company would earn $1.61 a share on $549 million in sales.
First Solar also raised its 2010 earnings outlook to $7.00 to $7.40 a share.
Energy stocks rise for the month, led by BP
The NYSE Arca Oil Index ended July well in the black after a bruising June. The gauge of major petroleum producers and refiners rose 10.8%.
The NYSE Arca Natural Gas Index rose 7% and the Philadelphia Oil Service Index gained 10.6%.
U.S.-listed shares of BP PLC (BP 38.47, 0.00, 0.00%) (UK:BP. 405.95, -7.50, -1.81%) have rebounded 33% in July as the oil major finally managed to get its leak in the Gulf of Mexico contained. BP plans to pump drilling mud into the Macondo well over the weekend in a "static kill" operation.
