Despite increased second quarter 2019 returns and production for 42 publicly traded companies, U.S. oil companies' stock prices decline (9/25/2019)

The stock prices of U.S. oil exploration and production (E and P) companies relative to the broader U.S. equity market index have declined since the start of the year. Lower stock prices could make it more difficult for U.S. E and P companies to raise the capital needed for their investment programs. Despite the implication of lower market capitalization, through the second quarter of 2019, the profitability and cash flow generation for the 42 U.S. oil producers the U.S. Energy Information Administration (EIA) regularly follows have increased since 2017, suggesting less reliance on capital markets to fund capital expenditure. EIA based this analysis primarily on the published financial reports of these 42 companies, so it is not necessarily representative of the sector as a whole because the analysis does not represent the financial situation of private companies that do not publish financial reports. ... More »