The oil majors have been making record-high profits, but that hasn’t altered their capital discipline as they prepare for the next oil price rout.
The energy segment of the S&P 500 has shed 5% since the start of the year, reflecting a fear that a recession will drive oil prices lower.
The industry, meanwhile, has kept its head down and its capital spending lower. The capital discipline trend appears to have become entrenched in oil and gas as companies seek to be prepared for the next price rout. this week that the seven largest oil and gas companies on the S&P 500 have accumulated a combined cash amount topping $80 billion. Exxon alone has a cash stash of close to $30 billion. Chevron has over $15.6 billion. EOG, the smallest among the big, has over $5 billion.
The energy segment of the S&P 500 has shed 5% since the start of the year while the broader index has added 8%, the Financial Times in a recent report. Oil prices have dropped by some $10 per barrel over a month. Fear of recession is running high and hurting energy stocks—those same stocks that carry with them the promise of certain returns, even in bad times.
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