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Sector Update: Energy Shares Higher in Late Trading; Crude Manages Positive Finish

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NYMEX Benchmark Crude September: (+0.46%) to $87.04

Top Energy Stocks

XOM: +0.3%

CVX: -0.02%

COP: +0.3%

SLB: -1.1%

OXY: -1.0%

Energy shares are mixed to higher in late-session trading after a wild afternoon while crude oil futures managed a positive finish.

Light, sweet crude oil for September delivery finished up 0.46% to $87.04 a barrel. In other energy futures, heating oil was up 1.08% to $2.92 a gallon while natural gas was up 0.2% to $3.94 per million British thermal units.

In late-session energy news, shares of Dril-Quip ( DRQ ) are firmly lower and now down 11.5% in late trading after the company's second quarter results missed analysts' estimates. The company reported net income of $22.2 million, or $0.55 per diluted share, compared with $28.0 million, or $0.70 per share in the same period last year.

Revenues for the quarter fell 3.5% to $137 million from $142 million last year.

Analysts had expected the company to earn $0.59 per share on revenues of $138.1 million, according to the Captial IQ Consensus.

The company also said that its backlog at June 30, 2011 was $727 million, compared with its June 30, 2010 backlog of $538 million.

Meanwhile, shares of Exxon Mobil ( XOM ) are up as the company said in a statement that the development of the Indonesian Banyu Urip field in the Cepu block in East Java has achieved a major milestone with the award of the first of five engineering, procurement and construction contracts for work on major facilities at the development.

Exxon Mobil is the operator of the Cepu block with a 45 percent interest. Full field development is planned to produce 165,000 barrels of oil per day, the company said in the statement.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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