Over the past few months, shale oil stocks have been one of the fastest-growing stocks in the market. The Energy Select Sector SPDR ETF made a 61.2% total return over the past six months compared to the Russell 1000 index’s total return of -8.3%. This may be partially attributed to US President Joe Biden imploring oil companies to increase gasoline production to help curb surging gas prices. Resultantly, US shale companies including Diamondback Energy (FANG), Continental Resources (CLR), and EOG Resources (EOG) have begun ramping up production while energy giants Exxon Mobil (XOM), Chevron (CVX), and Royal Dutch Shell (RDSA) begin to increase investment in US shale plays.
Despite recent drops in shale oil stocks, EOG Resources CEO Ezra Yacob said after experiencing large losses, “We have offset a significant portion of inflation this year and are working on plans to identify further cost savings next year.”
- Top Energy Stocks for August 2022, Investopedia
- Energy Stocks And Industry News: Oil, Gas, Solar, Coal, Investor’s Business Daily
- Shale Oil Stocks Drop: EOG Resources Beats Earnings Views, Investor’s Business Daily