2013.06.2206:06:23UTC+00Energy stocks bounced back, but closed the week down

Energy stocks closed higher Friday, shaking off early declines, but finished the week 1.6% lesser after sharp drops in the previous two sessions.

Earlier in the week, investors reacted negatively to weak data from China and to news the U.S. Federal Reserve may start to scale back on its asset purchase program later this year.

Top movers among energy stocks included Williams Companies Inc. and WPX Energy Inc., with shares bolstering 1.7% each.

Top backsliders included refiners Tesoro Corp., missed 2.2%, and Phillips 66, with shares traded 1.9% lower.

Major oil and gas companies tracked the sector rebound. Chevron Corp. shares moved 0.8% ahead and ConocoPhillips shares improved by 0.1%.

Shares of Exxon Mobil Corp. swing higher by 0.5%.

Exxon updated investors Friday on its agreement with Russia’s Rosneft. Exxon has formed joint ventures to explore for oil in the Black and Kara seas, completed agreements on seven license areas in the Russian Arctic, and is starting the work to form a joint venture to manage a project in western Siberia. Drilling is expected to start in the Kara and Black seas in 2014.

Exxon is making “a significant investment in Russia, and these agreements serve as the foundation for our projects and future work together,” Exxon Chief Executive Rex Tillerson said in a statement.

U.S.-listed shares of Royal Dutch Shell PLC retreated 0.2%.

Shell said Friday it will invest $3.9 billion in new oil and gas projects in Nigeria, partly aiming at reducing oil theft and in natural-gas projects.

The SPDR Energy Select Sector, an exchange-traded fund focused on energy names, rose 0.2%.