It is widely acknowledged that the oilfield services sector (OFS) is the energy world’s worst-hit market from the Covid-19 pandemic. What is staggering is the extent that the capitalization of listed OFS companies has fallen. A Rystad Energy analysis reveals that stocks in OFS companies have collectively lost half their value since the beginning of 2020.
Analyzing a representative group of 116 listed OFS companies, accounting for around 71% of the traded equities in the sector in 2019, Rystad Energy found that the firms have lost approximately 49% of their market capitalization since the beginning of this year.
https://www.rystadenergy.com/newsevents/news/press-releases/ofs-stocks-lost-half-their-value-since-2020-began-epci-top-performers-offshore-drillers-scratch-bottom/
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