The Zacks Oil & Gas US Integrated industry is experiencing challenges due to high crude prices, currently over $85 per barrel, which are negatively impacting refining operations. The U.S. Energy Information Administration anticipates an average WTI price of $85.68 for this year, up from $65.40 in 2022. Concurrently, U.S. energy companies are slowing production growth as they prioritize returning capital to shareholders, further limiting profits from upstream operations.
The Zacks Oil & Gas US Integrated industry ranks #200 out of over 250 industries, reflecting a bearish outlook for the sector. The industry has grown by 21.9% over the past year, underperforming relative to the broader Zacks Oil – Energy sector’s 33.3% increase and the S&P 500’s 26% rise. Key players like ConocoPhillips (COP), Occidental (OXY), and National Fuel Gas Company (NFG) are cited as potentially resilient amidst these challenges.
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