Table 2:

The conditional independence test statistics and their associated p-values before and after conditioning on the energy group effect (XLE) for the 5 pairs of stocks.

Stock Pair	woXLE (stat)	woXLE (p-value)	wXLE (stat)	wXLE (p-value)
(BHI, SLB)	46.92	1e–6	15.09	1e–6
(CVX, XOM)	35.71	1e–6	1.86	0.043
(HAL, SLB)	34.81	1e–6	5.19	2.7e–5
(COP, CVX)	34.12	1e–6	1.00	0.389
(BHI, HAL)	33.67	1e–6	6.41	2e–6