- Exploration and production companies with significant exposure to Texan oil basins continue to feel the sting from Harvey, extending yesterday's hefty losses:
- The lists of decliners mostly mirrors yesterday's results: (APA -1.9%) -2%, (XEC -2.3%) -2.3%, (APA -1.9%) -1.9%, (RRC -1.5%) -1.9%, (NFX -1.5%) -1.6%, (SN -2.2%) -2.1%, (CRZO -3.2%) -3%, (CHK -1.5%) -1.2%, (EOG -1%) -1.1%.
- Even some refiners, which sported strong gains yesterday, are giving back some of their gains: (VLO -0.8%) -0.8%, (PSX -0.1%) -0.1%, (MPC -1.9%) -1.8%, (PBF -0.4%) -0.4%, (DK) +0.1%, (ANDV -0.2%) +0.3%, (HFC +0.7%) +0.6%, (CLMT +0.8%) +0.7%.
- Due to the impact of flooding on labor, logistics and infrastructure, “onshore and offshore production may not bounce back as quickly as the market is initially assuming,” Barclays (LON:BARC) analysts say.
- “Moreover, the delayed impact of deferred completions in [Eagle Ford] may dent Q4 production prospects and will likely be supportive of crude and natural gas prices in the months ahead,” the firm says.
- Now read: Cheapeake Energy Could See More Downside
Original article