Oil and natural-gas stocks lost ground Friday, pressured out of the gate by lower crude-oil prices and renewed economic headwinds that pushed the broader equities market lower still.
The benchmark Amex Oil Index fell 2.5% to stand at 848 points in early action. Valero Energy Corp. and U.S.-listed shares of Spain's Repsol SA took the biggest hits, down nearly 6% each.
The Philadelphia Oil Service Sector Index also dropped, down 1.9% to 120 points.
And the Amex Natural Gas Index shed 2% to 343 points, with El Paso Corp. leading the decliners, down nearly 4% at $7.69.
Shares of XTO Energy Inc. rose 2.5% to $32.82, the only advancer in the group.
On Thursday, XTO's stock dropped nearly 7% as investors reacted to the company's financial results. Management cited write-downs as responsible for a 24% decline in fourth-quarter profit.
In energy trading, crude oil for March delivery dropped 4% to $38 a barrel, pivoting off a big rally Thursday.
