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Transocean Bucks Energy Trend, Rises Midday

Investing.com

Investing.com - Contract driller Transocean (NYSE:RIG) stock jumped midday thanks to a deal with Chevron (NYSE:CVX). But other energy stocks were weaker in an overall market that struggled to find direction.

Transocean rose 6.2% after announcing contracts with Chevron, including plans to design and construct and ultra-deepwater drillship.

Shares of Transocean are down for the year as oil prices have tumbled lately.

Despite today’s jump, the stock is still about 50% off its recent September high.

The S&P 500 Energy index fell 0.5% despite a rise in oil prices on an unexpectedly small drop in U.S. crude inventories.

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Cabot Oil & Gas (NYSE:COG), off 2.4%, and Valero Energy (NYSE:VLO), down 1.8%, were among the worst performers in the sector, while Schlumberger (NYSE:SLB) rose 0.6% among the few gainers.

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