The 2010s was a lost decade for shares of U.S. energy companies overall.
FILE PHOTO: Pump jacks operate at sunset in Midland, Texas, U.S., February 11, 2019. Picture taken February 11, 2019. REUTERS/Nick Oxford
“Industry is having to demonstrate that it can deliver those returns over several quarters, not just one quarter, so they’re going through a real testing period right now,” Yergin said. Over the past decade, including estimates for 2019, the energy sector’s total earnings have declined 14.8%, while all other major sectors have seen growth of at least 28%, according to Refinitiv data.Energy represents less than 5% of the weight of the overall S&P 500, down from over 15% in mid 2008, when U.S. crude prices topped $140 a barrel, according to Refinitiv data.
U.S. crude oil production, which was just over 5 million barrels per day at the decade’s outset, surged to a record 13 million bpd by the decade’s end, leading to an abundance of supply that has pressured prices, while natural gas output also is setting records.
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