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Energy sector leads turbulence across global economy

06 Jul 2020

As the COVID-19 coronavirus pandemic continues to lead many market sectors into turbulence, the energy sector has not escaped unscathed.

Recent BuyShares data suggests that across the five leading United States-based oil and gas companies, the market cap dropped more than US$172 billion.

Exxon Mobil – the largest United States oil and gas company – suffered the hardest hit, losing a market cap of US$82.02 billion in the last six months.

According to statistics from Macrotrends and Statista data, in December 2019, the market cap of Exxon Mobil amounted to over $296 billion. 

By the end of March 2020, this value dropped by over 65%, falling to $133.05 billion. 

“Statistics show that the second quarter of 2020 brought recovery, with the market cap reaching $214.16 billion at the end of last week. However, this figure still represents a 28% plunge compared to December figures,” BuyShares states.

Multinational energy firm Chevron was also affected by the pandemic.

“Statistics show the market cap of the second-largest oil and gas company in the United States dropped by $43.51 billion, falling from $225.69 billion in December to $182.18 billion in June.

In the third week of March, the Chevron stock price reached its deepest point since September 2019, with the market cap falling to $100.97 billion.”

Other US-based multinational firms have also gone through a market cap drop.

One such firm is ConocoPhillips, which reached $68.93 billion in December 2019. 

By March end 2020, the market cap of the third-largest oil and gas company in the country plunged to $24.41 billion, a 65% drop in three months. However, there was a slight rebound - statistics show the last few months brought a recovery with the market cap reaching $49.24 billion in June.

“Phillips 66 lost $13.9 billion in the total value of shares in the last six months, with the market cap dropping from $50.72 billion in December 2019 to $36.82 billion in June. EOG Resources, the fifth largest oil and gas company in the United States, lost $12.95 billion in the market cap value in the first half of 2020.”

*All figures are in USD.

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