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Sector Update: Energy Shares Mixed as Crude Futures Backtrack, End Below $88 a Barrel

NYMEX Benchmark Crude October: (-1.6%) to $87.96

Top Energy Stocks

XOM: +0.5%

CVX: -0.2%

COP: +0.4%

SLB: -2.2%

OXY: -1.8%

Energy shares are mixed as crude oil futures backtrack from some of their weeklong gains to finish just below $88 a share.

Light, sweet crude oil for October delivery finished down 1.6% to $87.96 a barrel. In other energy futures, heating oil was down 0.41% to $3.01 a gallon while natural gas was down 1.6% to $3.81 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 1.27% to $34.16. The United States Natural Gas ETF ( UNG ) is down 1.83% to $9.63.

In late-session energy news, Cabot Oil & Gas (COG) today reaffirmed its production guidance for the third quarter 2011 of 521 Mmcfe per day to 567 Mmcfe per day, which the company said would be unaffected by recent operational challenges brought on by moving gas in northeast Pennsylvania.

Cabot is up 1.45%, or $1.01, to $70.52.

Meanwhile, Chevron ( CVX ) said today that its chemical company, Chevron Phillips Chemical Co. LLC, will buy a polyalphaolefin manufacturing plant in Belgium from Neste Oil.

The company said that the acquisition is expected to double the production capabilities of Chevron Phillips, which CVX co-owns with ConocoPhillips ( COP ).

Financial terms were not disclosed.

Chevron shares are down 0.17% to $99.09.

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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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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