Valero, Consol Energy rise as sector posts weekly gain

SAN FRANCISCO (MarketWatch) — Energy stocks shook off earlier weakness to rise Friday, ending the week with gains of 0.7%

The broader stock market advanced as well, with the Dow Jones Industrial Average ending at a record close above 16,000 and the S&P 500 index ending above 1,800 for the first time.

Refiner Valero Energy Corp. (VLO)  topped gainers among energy companies in the S&P 500 index, with shares up 3.7%. Coal producer Consol Energy Inc. (CNX)  was not too far behind, with shares up 2.1%. Marathon Petroleum Corp. (MPC)  rose 1.9%.

Bloomberg Enlarge Image Chevron shelves its $10 billion oil project off Scotland.

Big Oil shares were higher as well, with Exxon Mobil Corp. (XOM)  shares up 0.3%. Chevron Corp. (CVX)  shares rose 0.5%, while shares of ConocoPhillips (COP)  advanced 0.9%.

Chevron said Friday its Rosebank oil project offshore U.K. may be too costly to be viable.

Rosebank, estimated as a $10 billion undertaking, "does not currently offer an economic value proposition that justifies proceeding with an investment of this magnitude," Chevron said in a statement.

In a fact sheet about the project on its website, Chevron's lauded Rosebank as "potentially one of the last, great resource areas for the U.K."

Chevron is not abandoning it entirely, however. A final investment decision is seen next year, the company said.

Hot Performing Stocks To Watch For 2014

Oil-field-services company Schlumberger Ltd. (SLB)  added 1.9%. Debt-ratings agency Standard & Poor's on Friday raised its corporate credit rating on Schlumberger one notch to AA- from A+, saying the company's competitive advantage and profitability are superior to peers.

Schlumberger is a leader in oil-field services and also enjoys "substantial geographic diversification, broad and technologically complex product and service offerings, and excellent relationships with the large oil companies," S&P said.

Meanwhile, largest decliners included Peabody Energy Corp. (BTU) , down 1%, and Marathon Oil Corp. (MRO) , off 0.8%.

The SPDR Energy Select Sector (XLE) , an exchange-traded fund tracking energy names, rose 0.5%.