Shares of oil gas companies are trading lower amid reports suggesting Saudi Arabia may raise output.
Portfolio Pulse from Benzinga Newsdesk
Shares of oil and gas companies are experiencing a decline due to reports that Saudi Arabia might increase its oil output.
September 26, 2024 | 2:39 pm
News sentiment analysis
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NEGATIVE IMPACT
Baker Hughes shares are likely to be impacted negatively as increased Saudi oil output could lead to lower oil prices, affecting oilfield services demand.
As an oilfield services company, Baker Hughes' business is sensitive to oil prices. Increased output from Saudi Arabia could lower prices, reducing demand for services.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Cenovus Energy shares might decline as increased Saudi oil production could lead to lower global oil prices, impacting revenues.
Cenovus Energy, being an oil producer, is directly affected by oil prices. Increased supply from Saudi Arabia could depress prices, impacting revenue.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Equinor's stock may face downward pressure due to potential Saudi oil output increase, which could lower oil prices.
As an oil and gas company, Equinor's profitability is tied to oil prices. Increased Saudi production could lead to lower prices, affecting earnings.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
ONEOK shares could be negatively impacted by potential Saudi oil output increase, affecting oil and gas market dynamics.
ONEOK, involved in natural gas and natural gas liquids, could be indirectly affected by changes in oil market dynamics due to Saudi output changes.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 40
NEGATIVE IMPACT
Plains All American Pipeline shares might decline as increased Saudi oil production could impact oil transportation demand.
As a company involved in oil transportation, Plains All American Pipeline's business could be affected by changes in oil production and prices.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 40
NEGATIVE IMPACT
Shell shares are likely to be impacted negatively by potential Saudi oil output increase, which could lower oil prices.
Shell, as a major oil company, is sensitive to oil price changes. Increased Saudi production could lead to lower prices, affecting profitability.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Tidewater shares could be negatively impacted by potential Saudi oil output increase, affecting offshore service demand.
Tidewater, providing offshore services, could see reduced demand if oil prices fall due to increased Saudi production.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 40
NEGATIVE IMPACT
Texas Pacific Land shares might decline as increased Saudi oil production could lead to lower oil prices, impacting land royalties.
As a company earning royalties from oil production, Texas Pacific Land's revenue could be affected by lower oil prices due to increased Saudi output.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 40
NEGATIVE IMPACT
Targa Resources shares could be negatively impacted by potential Saudi oil output increase, affecting oil and gas market dynamics.
Targa Resources, involved in natural gas and natural gas liquids, could be indirectly affected by changes in oil market dynamics due to Saudi output changes.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 40
NEGATIVE IMPACT
Vista Energy shares might decline as increased Saudi oil production could lead to lower global oil prices, impacting revenues.
Vista Energy, being an oil producer, is directly affected by oil prices. Increased supply from Saudi Arabia could depress prices, impacting revenue.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Cactus shares could be negatively impacted by potential Saudi oil output increase, affecting oilfield services demand.
Cactus, providing oilfield services, could see reduced demand if oil prices fall due to increased Saudi production.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 40