But with today's oil prices below the cash cost of production , the analysts said companies would be forced to shut in wells. They projected the number of rigs would fall by two-thirds, relative to early March, which would relieve some pressure on demand.
Goldman also lists its "next rung down" picks: Suncor Energy , WPX Energy , Plains All American Pipeline , Halliburton , and Marathon Petroleum . In addition to Pioneer Natural Resources and EOG Resources, the bank gave Concho Resources , Parsley Energy , and Diamondback Energy as buy ratings.And what about stocks to avoid?
The bank prefers Chevron over Exxon Mobil because of a "relatively stronger balance sheet position and lower Brent price required to cover the dividend — a core priority for both companies which have recently slashed 2020 spend levels to better protect their payout."Companies that refine crude oil into fuels and other petrochemicals "remain under pressure" because of weak demand, the bank said.
Goldman said these companies in North America were "right-sizing" for the downturn by cutting costs, which could give way to "a far healthier North American" market starting in the second half of next year and into 2022, relative to last year.
Lol.
Vamos Oil...
That is confirmed now, Goldman Sachs is shorting Energy stocks.
Oman_GC
yes buy cameconews an amazing Saskatchewan company that provides more energy than Saudi's do
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