NEW YORK—U.S.-traded shares of Asian oil and gas companies rose Friday, as the price of oil rose and Chevron Corp. posted a 10 percent rise in quarterly profit.
Crude prices rose on supply concerns, after Turkish warplanes bombed Kurdish rebel bases in Iraq.
On Friday, light, sweet crude for June delivery rose $3.30 to $115.82 a barrel on the New York Mercantile Exchange.
Meanwhile, Chevron, the second-largest U.S. oil company, posted a $5.17 billion quarterly profit that topped expectations on record high oil prices, lifting the stock 47 cents to $95.40 in afternoon trading.
Chevron's profit was particularly noteworthy, as the year-ago quarter included a $700 million one-time gain.
Santos Ltd., an onshore oil and gas producer in Australia, rose $2.81, or 4.4 percent, to $66.31 and set a 52-week high of $66.88.
China Petroleum & Chemical Corp. rose $2.61, or 2.3 percent, to $112.27.
Beijing's PetroChina Co. rose $3.95, or 2.5 percent, to $156.70.
Moving in the opposite direction was Hong Kong's CNOOC Ltd., which fell $5.27. or 2.9 percent, to 174.67.
In afternoon trading, the Bank of New York Asia ADR Index added 1.79 points to 166.74. ADRs, or American Depositary Receipts, are securities that allow foreign companies to trade on U.S. markets.
In Asia, most markets rose, including Tokyo's benchmark Nikkei 225, which finished above 14,000 for the first time in two months.
