Exxon falls, energy stocks lose ground

NEW YORK (MarketWatch) � A $3.9 billion sale of Japanese refining capacity by Exxon Mobil provided no lift to energy stocks on Monday, as the sector moved down despite flat equity markets.

After dropping as much as 100 points earlier in the day, the Dow Jones Industrial Average DJIA �ended with a loss of about 7 points. Components Exxon Mobil XOM �and Chevron CVX �moved down by 0.4% and 0.5% respectively. See: Market Snapshot for action in the broad equities market.

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Checking the energy sector benchmarks, the NYSE Arca Oil Index XX:XOI �dropped 0.1%, the NYSE Arca Natural Gas Index XX:XNG �ended fractionally lower and the Philadelphia Oil Service Index OSX �fell about 1%.

Over the weekend, Exxon said it would sell its refining capacity in Japan to TonenGeneral, which has been scrambling for energy sources since the tsunami last year.

Analysts at Tudor Pickering Holt said the price amounted to a 5% premium to its net asset value estimate for the properties. The deal, which closes in June, marks a �rational� move by the oil major to shed non-core assets in a declining demand center, analysts said.

Separately, Exxon Mobil is set to updated Wall Street on its fourth-quarter profit on Tuesday.

Analysts at Barclays said in a note to clients on Friday that they expect Exxon to report total production of 4.72 million barrels of oil equivalent a day.

Wall Street analysts surveyed by FactSet are forecasting Exxon earnings of $1.97 a share.

Among movers from the energy sector, Nabors Industries NBR �jumped 3.5%; Transocean Ltd. RIG �and Rowan Cos. RDC �lost nearly 3%.

Natural gas producer Chesapeake Energy Corp. CHK �dropped 1.6% and�Marathon Oil Corp. MRO �fell 0.9%.

ConocoPhillips sells North Sea units for $223 million

Centrica PLC UK:CNA �said it would pay $223 million in cash for ConocoPhillips COP �Statfjord field in the North Sea.

Centrica is buying ConocoPhillips� 15.2% stake in the field, which supplies natural gas to the U.K. market. After the deal closes, Centrica will own 34% of the field.