U.S. energy companies' quarterly reports to show depths of slump

NEW YORK - Investors are in for more bad news on the energy front in the coming weeks as a host of the sector’s biggest companies report quarterly results following the historic collapse in oil prices.

Down a whopping 46% since Dec. 31, energy is by far the S&P 500’s worst-performing sector this year. For many Wall Street strategists, it has become a sector that is hard to recommend. Oil prices have sold off amid concerns about rapidly filling storage space at the key Cushing, Oklahoma, delivery point, as demand collapses with the shutdown of businesses as U.S. states try to contain the coronavirus outbreak.

“Probably the dividends are going to be one of the last places they look to conserve cash,” Samana said.

exxonmobil is not a friend of small business. Let them bail themselves out. They shouldn’t need a government bailout.

Guess it's high time to nationalize that failing industry.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wall Street retreats as crude slump batters energy stocksA slide in energy stocks weighed on Wall Street on Monday as crude prices crashed at the start of a week packed with quarterly earnings reports and economic data likely to underline the damage from the coronavirus outbreak.
Source: Reuters - 🏆 2. / 97 Read more »

U.S. energy industry steps up lobbying for Fed's emergency aid: lettersThe U.S. energy industry has asked the Federal Reserve to change the terms of a $600 billion lending facility so that oil and gas companies can use the funds to repay their ballooning debts, according to a letter seen by Reuters. Oh I see. My first question would be “how much have you spent on buybacks in the past 10 years?”
Source: Reuters - 🏆 2. / 97 Read more »