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UPDATE 1-Slew of energy earnings helps boost sector stocks.

The America's Intelligence Wire

| July 24, 2003 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From CBS Marketwatch (Stories))

Byline: Sudeep Reddy

DALLAS (CBS.MW) -- Largely positive earnings reports from a slew of companies Thursday helped boost the energy sector into positive territory, though the oil service group lost steam at midday.

Tracking the integrated oils, the CBOE Oil Index gained 0.9 percent to 271.28.

Marathon Oil Corp. advanced 37 cents to $26.38 after reporting a second-quarter profit of $248 million, or 80 cents a share, better than the prior year's $168 million, or 54 cents. Adjusted for special items, Marathon earned $263 million, or 85 cents a share, up from $193 million, or 62 cents. Analysts had been expecting 94 cents a share on average in the most recent quarter, according to a Thomson First Call poll.

Royal Dutch/Shell added 13 cents to $46.18 after saying second-quarter net income rose 28 percent to $2.8 billion. The British-Dutch company noted that its U.S. downstream performance improved for the second consecutive quarter and said its $12 billion investment program for 2003 is on track.

Refiner Sunoco's second-quarter income improved ninefold, as all of its businesses posted a profit and results from retail marketing and chemicals improved. Sunoco reported net income of $81 million, or $1.04 a share, in the quarter, up from the prior year's $9 million, or 12 cents. Analysts had been looking for Sunoco to earn $1.18 on average, according to a Thomson First Call poll. The stock lost 9 cents to $37.93.

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