“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.
April 12, 2021
While a clean energy mantra might seem to spell doom and gloom for the oil industry, certain oil sectors have been thriving to start 2021.
One Invesco ETF has been particularly hot. The
Invesco Dynamic Energy Exploration & Production ETF (PXE) seeks to track the investment results of the Dynamic Energy Exploration & Production IntellidexSM Index. The fund invests at least 90% of its total assets in the securities that comprise the underlying intellidex.
The intellidex is composed of common stocks of U.S. companies involved in the exploration and production of natural resources used to produce energy. These companies are engaged principally in exploration, extraction, and production of crude oil and natural gas from land-based or offshore wells.
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