Investors appear to be hanging on to their oil and gas investments despite bankers' warnings that the latest cycle in the industry may be drawing to a close
Oil and gas stocks were among the top performers on the S&P 500, with four industry players taking their place in the top 10. The reason for this was a higher price for oil coupled with enhanced volatility. But this is just one aspect of the story. While higher oil prices were pushing up the stocks of energy companies, some were tapping equity and debt markets for fundraising and, unlike the past few years, were getting a positive response.
Meanwhile, Exxon struck a $60-billion takeover deal with Permian-focused Pioneer Natural Resources, which was unlikely to have escaped investors’ attention. It appears that said investors are more interested in action than in talk. While bankers are talking about the cycle coming to an end, investors are probably watching the situation in the Middle East and OPEC’s seemingly unwavering determination to keep prices where they, rather than the free market, want them to be.
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