SM - Why Centennial Resource SM Energy and Kosmos Energy All Fell Sharply at the Open Today
Shares of onshore U.S. energy driller Centennial Resource Development (NASDAQ: CDEV) fell a quick 7.5% on May 19. That drop, however, was outdone by peer SM Energy (NYSE: SM) , where the decline in the first hour was as deep as 11.5%. But it wasn't just onshore domestic names that took a hit -- offshore focused driller Kosmos Energy (NYSE: KOS) and even drilling services company Core Laboratories (NYSE: CLB) felt the sting, too, falling just shy of 10% and 5%, respectively.
Roughly an hour into the trading day all three remained near their lows. There was some mixed news here, but the main culprit for the weak share performance was pretty much what you would expect.
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Why Centennial Resource, SM Energy, and Kosmos Energy All Fell Sharply at the Open Today