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Top Energy Stocks

XOM +0.50%, hit year highs

CVX +0.61%, hit year highs

COP +1.02%

SLB +1.7%

OXY +3.4%

Energy stocks are higher today with the NYSE Energy Sector Index ahead about 1.7% while the S&P Energy Index is up 1.8% this afternoon. Crude oil for September delivery is up almost $1 to around $93.20 a barrel.

In company news, Chesapeake ( CHK ) shares are up more than 11% at $19.66 each after the natural gas company reported its largest quarterly profit in company history and increased it asset-sales target to avoid a funding shortfall.

Q2 net income rose 91% to $972 million, or $1.29 a share, up from $0.68 a year earlier. The natural gas company also boosted the minimum amount it hopes to raise through asset sales to $13 billion - up from $11.5 billion - and said more than half of those funds will secured by the end of September when it completes sales of several oilfields in Texas.

CHK also lifted its full-year production estimate owing to discoveries in Texas and Ohio and said the danger of outspending cash flow next year has abated. Oil output from Chesapeake's wells soared 88% from 2011 levels.

In other sector news,

(+) GDP, (+15.1%) Selling South Henderson field in Rusk County, Texas, for $95 million.

(+) OIS, (+2.8%) Initiated at Buy by Dahlman Rose. Price target is $99.

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