Energy Stocks: Energy stocks gain, Exxon adds to proven reserves

SAN FRANCISCO (MarketWatch) � Energy stocks gained on Tuesday, with Exxon Mobil Corp. rising after the company said it added to its oil and gas reserves.

Exxon Mobil XOM �shares rose 1.1%. The oil giant said Tuesday it added 1.8 billion of barrels of oil equivalent to its proven reserves.

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At the end of 2012, Exxon�s proven reserves totaled 25.2 billion of oil-equivalent barrels, replacing 115% of its production, the company said. Reserves are currently 51% liquids and 49% natural gas, Exxon said. See: Exxon Mobil replaced 115% of production in 2012.

Exxon shares have gained 3.5% in the past 12 months.

Rival integrated oil companies Chevron Corp. CVX �and ConocoPhillips COP �also gained on Tuesday, with shares up 0.8% and 2.8%, respectively.

Chevron needs to resolve only some �small operational questions� before Brazil�s National Petroleum Agency, or ANP, gives the company clearance to restart production at the site of a November 2011 oil spill. ANP Director Magda Chambriard said there are no major regulatory hurdles Chevron needs to overcome, but declined to give a timeline for when crude-oil output at the Frade oil field could be restarted, Dow Jones Newswires reported.

Chevron has said it is working with regulators to restart output at Frade. Production was halted in March after a second series of oil seepages were discovered on the seabed near the field. The shutdown followed a November 2011 drilling accident, which caused an estimated 3,700 barrels of crude oil to seep from cracks in the sea floor. The ANP fined Chevron, which has denied any wrongdoing but still faces litigation in Brazil.

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First Solar Inc. FSLR �was among the top gainers on the S&P 500 on Tuesday, with shares up 6%. Others in the solar energy industry also gained, with SunPower Corp. SPWR �up 17%.

A number of research notes and commentary have highlighted solar stocks in recent days, and Citibank earlier this month initiated coverage of several companies in the sector, including First Solar and SunPower, with �buy� ratings.

Shares of Anadarko Petroleum Corp. APC �gained 2.5%. Anadarko�s board of directors said Tuesday that Al Walker, the company�s president and chief executive officer, has been elected chairman of the board, effective at the company�s annual meeting on May 14.

Walker will succeed James T. Hackett. As previously announced, Hackett will serve as executive chairman through May and then retire.

Reuters Exxon Mobil shares have gained 3.5% over the past 12 months.

Shares of Halliburton Co. HAL �rose 0.3%. J.P. Morgan on Tuesday raised the company�s rating to overweight from neutral. Halliburton�s shares have 22% upside potential, J.P. Morgan said. Schlumberger Ltd. SLB �remains the bank�s top pick among oil-field-services companies, with upside potential of around 24%.

Apache Corp. APA �turned higher, with shares up 0.6% after trading lower earlier.

The company�s stock was cut to neutral by Global Hunter Securities. Global Hunter said its �buy� rating had been based on solid growth given its U.S. onshore portfolio. While those assets are �still set for double-digit increases,� Apache will have to spend on other longer-term, capital-intensive projects at the expense of production, the analysts said.

Apache reported last week reported fourth-quarter earnings fell 44%, missing expectations.

U.S.-listed shares of BP PLC BP �UK:BP �traded lower, off 0.9%. BP�s civil trial for its role in the 2010 Deepwater Horizon accident and oil spill begins next week.

The company said Monday the additional amount it may have to pay could be far less than had been assumed, The Wall Street Journal reported.

BP already paid more than $12 billion in separate settlements with the U.S. Justice Department and businesses. BP�s general counsel Rupert Bondy was quoted as saying the range of penalties starts �very well below $5 billion,� the newspaper said.