PSX - Why Devon Energy Phillips 66 and Core Laboratories All Slumped Today
Shares of oil stocks dropped across the board on Friday, with upstream shale driller Devon Energy (NYSE: DVN) , refining and midstream giant Phillips 66 (NYSE: PSX) , and oil services provider Core Laboratories (NYSE: CLB) all falling sharply, down 5.4%, 4.3%, and 9.1%, respectively, as of 1:38 p.m. EDT.
While each of these companies operates in a different corner of the oil and gas industry, all are sensitive to end demand for oil and refined products. Today, crude oil prices were down nearly 4% as of this writing.
Devon reported fourth-quarter earnings earlier this week, but those figures were likely already incorporated into Devon's valuation. Instead, these oil-related stocks fell with oil prices today, likely due to two factors, one having to do with the Federal Reserve and the outlook for the general economy and another having to do with a large inventory build in the U.S. this week.
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Why Devon Energy, Phillips 66, and Core Laboratories All Slumped Today