US Energy Firms Post Strong Gains

US Energy Firms Post Strong GainsUS Energy Firms Post Strong Gains

The 36 American energy firms on the Standard & Poor's 500 list have gained $316 billion in market value since West Texas Intermediate crude oil prices reached a record low of $26.21 last February.

According to a USA TODAY analysis of data from S&P Global Market Intelligence, the 36 firms have each posted individual gains over the past seven months, Oil Price reported.

Williams Energy, for instance, gained a whopping 130% for a market gain of just over $13 billion since the WTI low point last February. Other firms posted percentage gains of at least 60% like Anadarko (79.1%), Pioneer Natural Resources (68%), and Halliburton (60.7%).

A pair of energy giants topped the list of strongest gainers with Chevron on the peak with an added $36.2 billion since February, followed by Exxon Mobil with $31 billion.

The price of WTI crude broke the $50 per barrel mark on October 6 for the first time since June and has gained around 92% following the bottoming out in February.

Numerous factors are behind the upturn including worry over the possible damage Hurricane Matthew could have over oil supplies in the southeastern United States. Furthermore, oil prices have risen steadily since members of OPEC and non-OPEC oil producers reached a tentative deal last week to curtail production.

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