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Energy

Big Oil’s Dim Future (XOM)(CVX)(COP)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
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The cat is out of the bag. As oil prices fall below $60, the first of the Big Oil companies came clean by signalling poor result. Conoco said that its quarterly numbers would be poor due to lower crude prices. The company’s stock dropped 3% to $66.25. It is now down substantially from its recent high of $73 set on December 19.

Oil may well be going lower. If so, Conoco could move back toward its 52-week low of just above $55. Exxon, which trades around $73 could move back toward $60, and Chevron from its current price of $70 back toward $54. In other words, all three stocks could move toward 52-week lows if Q4 number come in poorly across the board.

Just a guess, but an educated one.

Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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