Why Phillips 66, Genesis Energy, and W&T Offshore Stocks are Getting Crushed Today
Shares of Phillips 66 (NYSE: PSX), Genesis Energy (NYSE: GEL), and W&T Offshore (NYSE: WTI) are down between 5% and 23% as of 2:17 p.m. EDT on Aug. 4, on a spate of investor concerns, including recent earnings results, economic outlook, and worries about the state of global oil markets on news that U.S. oil inventories are creeping higher when expectations were that they would fall.
W&T Offshore reported it produced almost 41,000 barrels of oil equivalent per day in the second quarter, both within company's guidance range, and also up 3% from the first quarter of the year. At the bottom line, W&T lost $51.7 million, though management claimed it earned $2.2 million on an adjusted basis. Free cash flow was $18.7 million, a nice positive result, but it was significantly lower than the $40 million in free cash flow from the first quarter.
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Source Fool.com
