Another big day for oil helped buoy Chesapeake Energy (CHK) and Transocean (RIG) to the top of the S&P 500 Friday.
Shares of Oklahoma City-based Chesapeake jumped 22% on the day, as the oil and gas giant again profited from a recovery in crude prices, which increased more than 4% to $35.98 a barrel Friday, based on U.S. benchmark West Texas Intermediate.
Chesapeake has been featured across the business media world this week, after former CEO Aubrey McClendon was killed in a single-car accident Wednesday, one day after he was formally indicted for violating federal antitrust statutes.
"Aubrey was a pioneer in harnessing the fracking technology invented by George Mitchell and in building Chesapeake Energy from the ground up with partner Tom Ward -- later of Sandridge Energy -- and first tasted the power of the capital markets with the public offering of Chesapeake shares in 1993," Real Money's Dan Dicker wrote in a Thursday article.
"McClendon was fast in harnessing the leverage that was becoming more plentiful toward start-up energy companies to continue to buy up acreage and grow Chesapeake at a reckless and alarming rate," he added.
Meanwhile, Swiss offshore driller Transocean jumped more than 17% Friday, nabbing the silver medal in the S&P, also riding the resurgent tide in crude prices. Transocean shares are down roughly 21% over the past 12 months, but have lately been staging a rally -- up 47% in March alone.
Tax preparation firm H&R Block (HRB) sunk to the bottom of the index on the day, falling 16% after posting weak after-market quarterly results Thursday and sinking to a 12-month low. The company was also downgraded from Outperform to Neutral Friday by analysts at BMO and Wedbush.