Energy Stocks: Pioneer, Cabot Oil lead gains in energy stocks

NEW YORK (MarketWatch) � Energy stocks moved up Friday in the last session of the first quarter, taking the sting out of losses in March including three straight days in the red this week.

/quotes/zigman/6015539 XOI 1,124.85, +3.84, +0.34% /quotes/zigman/6015474 XNG 611.53, -0.29, -0.05% /quotes/zigman/1470028 OSX 193.47, +0.73, +0.38% /quotes/zigman/3870025 SPX 1,328.02, -3.83, -0.29%

The three major energy-sector benchmarks all moved higher, while energy stocks in the S&P 500 index SPX �rose 0.8%, on average. S&P 500 components Pioneer Natural Resources PXD �rallied 6.1% , while Baker Hughes BHI � advanced by 2.8% and Cabot Oil & Gas COG �rose 3%

Also on the move, shares of Williams Cos. WMB �gained 0.7% and Helmerich & Payne HP �advanced by 3%.

The Dow Jones Industrial Average DJIA �rose 66 points, with Exxon Mobil Corp. XOM �moving 0.8% higher and fellow blue chip Chevron Corp. CVX �trading up by 0.3%.

The NYSE Arca Oil Index XX:XOI �rose 0.5% to 1,267. The benchmark tracking major oil producers and refiners is ahead of its level of 1,229 at the start of the year, but it�s below the 1,328 level at which it started March.

The NYSE Arca Natural Gas Index XX:XNG �moved up by 0.7% to 650 on Friday, above its level of 636 for the start of the 2012 but below its level of 676 a month ago.

The Philadelphia Oil Service Index OSX �added 1.7% to 238 on Friday, standing above its level of 216 at the start of the year but below the 254 level it had achieved at the beginning of the month.

In a major development in the energy sector, Alaska state officials said Exxon Mobil, BP BP �and ConocoPhillips COP �plan to build a pipeline to develop Point Thomson, 60 miles east of Prudhoe Bay.

It�s Alaska�s largest undeveloped oil and gas field with an estimated 8 trillion cubic feet of natural gas and hundreds of millions of barrels of oil and gas liquids, officials said.

ExxonMobil is the unit operator at Point Thomson, with BP, ConocoPhillips and Chevron CVX �holding the majority of the leases. The state settled a 30-year-old legal dispute with the companies.

Among other stocks in the spotlight, Williams Co. said Friday it priced 26 million shares of common stock at $30.59 a share for proceeds of $795 million. The Tulsa, Okla., energy firm said it�ll use the money to buy additional common units of Williams Partners LP [s: wpz] as part of the financing for the purchase of Caiman Eastern Midstream LLC announced on March 19.