By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Energy stocks extended their losses to a third session, looking to end the week off more than 2% after steep declines in the previous two days.
Earlier in the week, investors reacted negatively to weak data from China and to news the U.S. Federal Reserve may start to scale back on its asset purchase program later this year.
Markets were more mixed Friday, but there was more red than green on computer screens tracking sectors including energy, financials and technology.
The handful of energy gainers included Devon Energy Corp. DVN +0.80% , up 0.7%, and Williams Companies Inc. WMB -0.19% up 0.6%.
Top decliners included refiners Marathon Petroleum Corp. MPC -2.94% , down 3.7%, Tesoro Corp. TSO -3.62% , off 3.3%, and Phillips 66 PSX -2.78% , with shares falling 2.6%.
Major oil and gas companies were down for the most part, with Chevron Corp. CVX -0.28% shares declining 0.4% and ConocoPhillips COP -0.96% shares down 1%.
Shares of Exxon Mobil Corp. XOM -0.02% were up 0.1%.
Exxon on Friday gave investors an update on its cooperation agreement with Russia’s Rosneft.
Exxon has formed joint ventures to explore for oil in Black Sea and in the Kara Sea, completed agreements on seven license areas in the Russian Arctic, and is starting the work to form a joint venture to manage a tight-oil project in west Siberia.
Drilling operations in the Kara Sea and Black Sea are expected to start in 2014.
Exxon is making “a significant investment in Russia, and these agreements serve as the foundation for our projects and future work together,” Exxon Chief Executive Rex Tillerson said in a statement.
U.S.-listed shares of Royal Dutch Shell PLC RDS.A -0.65% retreated 0.8%.
Shell said Friday it will invest $3.9 billion in new oil and gas projects in Nigeria, partly aiming at reducing oil theft and in natural-gas projects.
The SPDR Energy Select Sector XLE -1.15% , an exchange-traded fund focused on energy names, was off 0.8%.
Claudia Assis is a San Francisco-based reporter for MarketWatch. Follow her on Twitter @ClaudiaAssisMW.
