SAN FRANCISCO (MarketWatch) — Energy stocks gained Wednesday, with Noble Corp. shares advancing as the offshore driller announced plans to split itself in two companies.
Shares of Noble rose 2.7%.
Noble Corporation Noble (NE) , one of the world's largest offshore drillers, said late Tuesday it would spin off its that may go public next year.
The split would set apart "high specification" deepwater and ultra-deepwater rigs as the company seeks the best valuation for its premium assets.
Ultra-deepwater rigs are defined in the industry as those capable of drilling in water depths of 5,000 feet or more. As oil gets harder to find, companies have been pushing into deeper waters and harsher environments.
Other offshore drillers gained as well, with Diamond Offshore Drilling Inc. (DO) up 1.5%. Transocean Ltd. (RIG) shares gained 0.6%.
Major oil companies were mixed, with shares of Exxon Mobil Corp. (XOM) down 0.2%. Shares of Chevron Corp. (CVX) and ConocoPhillips (COP) rose 0.3% each.
U.S.-listed shares of France's Total SA (TOT) rose 0.5%.
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Total said Wednesday it made a final investment decision of the Incahuasi gas and condensate field in Bolivia.
The first phase will involve three wells southwest of the Bolivian town of Santa Cruz in the Andean foothills. Total also plans on a gas treatment plant and export pipelines. The first natural gas is expected in 2016.
Top decliners of the day included Cabot Oil and Gas Corp. (COG) , with shares down 1.7%. Pipeline operator Kinder Morgan Inc. (KMI) retreated 0.2%.
The SPDR Energy Select Sector (XLE) , an exchange-traded fund focused on energy names, rose 0.6%.
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