Oil and Gas Prices Could Continue to Climb Despite Green Push etftrends.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from etftrends.com Daily Mail and Mail on Sunday newspapers.
“Virtually all segments of the energy sector stank the place out in 2020,” an OilPrice.com article noted. “The average midstream company fell 31.9%. These are companies that transport and store oil and gas.”
“Integrated supermajors such as Exxon and Chevron declined 32.5%, while the largest upstream companies crashed 33.6% in 2020,” the article added further. “Meanwhile, giant refiners such as Marathon Oil, Valero Corp, and Phillips 66 fell 32.2% over the timeframe.”
However, as oil prices have not only recovered since all sub-sectors of the oil industry have flourished.
“However, all four sub-sectors have managed to turn things around, with midstream companies climbing 25.6% in Q1 2021; integrated supermajors gaining 35.7%, upstream companies gained 38.0%, while refiners returned 25.8%,” the article said further.