Mild Weather Sends Oil Down

In stock market action, shares of drilling and refining companies were increasing by 0.3% on the Amex Oil Index. Anadarko Petroleum(APC Quote), Exxon Mobil(XOM Quote) and ConocoPhillips(COP Quote) were leading advances by about 1% each.

Anadarko is selling natural gas fields in Louisiana for $1.6 billion in cash to Exco Resources (XCO Quote), the company said. The deal, which is expected to close in March, will help Anadarko pay down some of the debt left over from its $22.5 billion purchases of Kerr-McGee and Western Gas Resources.

The fields, totaling 66,000 acres, together produce 190 million cubic feet per day. Anadarko shares were recently up 1.2% at $42.66. Exco's stock was climbing by 5.7% to $17.80.