Why QEP Resources, Kosmos Energy, Helix Energy Solutions, and Core Laboratories All Fell Sharply in Early Trading Today
Shares of digital energy-services provider Core Laboratories (NYSE: CLB) fell 5.5% in the first two hours of trading on Nov. 30, while offshore energy-services provider Helix Energy Solution (NYSE: HLX) was right there with it, dropping 10%. Meanwhile, onshore U.S. driller QEP Resources (NYSE: QEP) was lower by 12%, while offshore exploration and production (E&P) company Kosmos Energy (NYSE: KOS) was lower by 11%. In other words, it was pretty bad across the entire energy landscape.
The big news today isn't really oil prices, though they were lower. The story was mostly about OPEC, which has been restraining output in an effort to help stabilize the dramatic supply/demand imbalance that exists in the energy sector right now. This situation was helped along by the global coronavirus pandemic, but the story goes back much further.
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Source Fool.com