SECTOR COMMENTARY

Energy stocks ended mostly lower, tracking broader equity markets, with no subgroup moving up or down more than 1%. Drillers were the best performers while refiners led the way on the downside.

WTI crude oil closed lower by $1.48 or 1.55% to $93.96, underperforming Brent crude which fell by about half of that. Both U.S. and Brent crude fell for the fourth straight session, with Brent dropping on traders' anticipation of the return of Libyan oil supply. Distillate stocks in the U.S. rose 5 million barrels to their highest level in just over two months as demand for the fuel took a hit while production approached record highs, weekly U.S. Energy Information Administration data showed on Friday. Crude oil inventories in the United States fell for the fifth straight week, shedding seven million barrels in the week ended Dec. 27, more than double analysts' expectations for a three million barrel drop.

Natural gas futures fell $0.017 or 0.39% to $4.304, which was off the earlier lows as frigid weather supported prices. The weekly inventory report showed a smaller than expected draw in supplies, which caused an immediate sell-off. The weekly rig count report released by Baker Hughes showed that gas rigs fell by two over the past week and 67 over the past year.

INTERNATIONAL INTEGRATEDS

(Late Thursday) Kosmos Energy Ltd. announced that it has entered into a one well rig share agreement with BP Plc and Maersk Drilling, a unit of A.P. Moller - Maersk Group for the rig Maersk Discoverer. The rig is expected to commence drilling operations on the FA-1(formally Eagle-1) exploration well in the Foum Assaka Offshore block in Morocco during the first half of 2014.

Reuters - Italian oil major Eni will start a planned share buyback program worth up to 6 billion euros ($8 billion) on Monday, the company said.

CANADIAN INTEGRATEDS

Reuters - Imperial Oil Ltd reported flaring at its 187,000 barrel-per-day Strathcona refinery in Alberta, according to a message on a community information line on Friday.

U.S. E&PS

(Late Thursday) Press Release - Cabot Oil & Gas Corporation announced that its Board of Directors declared a regular dividend of $0.02 per share on the Company's common stock. The dividend will be paid on February 14, 2014 to all shareholders of record as of the close of business on January 31, 2014.

Press Release - Denbury Resources Inc. announced that its Board of Directors has approved an increase of $250 million to the Company's authorized share repurchase program, leaving $422 million of authorized repurchases remaining as of December 31, 2013.

Roth initiated coverage FX Energy with ‘Buy’ rating.

MLPS

Press Release - Enterprise Products Partners L.P. announced that transportation services for shippers who executed long-term agreements supporting the partnership`s Mid-America Pipeline Rocky Mountain expansion project officially began January 2, 2014.

(Late Thursday) Stifel Nicolaus discontinued coverage on Plains Natural Gas Storage L.P. following the acquisition by Plains All American LP.