At one point on Monday, Brent Crude and West Texas Intermediate oil prices were both down well over 5% and looked like they were both poised to crash lower. The reason for the massive selloff in the two benchmarks was a story that was circulating through the financial press and media that instead of cutting production by 2 million barrels per day, the Organization of the Petroleum Exporting Countries (OPEC) was actually going to increase production by 500,000 barrels a day.
On Tuesday the top exporter in the group Saudi Arabia and other countries denied the production increase, and stated they remain firm in production cuts of 2 million barrels per day that were announced earlier this fall that will be in effect for all of 2023. The confusion, and of course the algorithms that scan headlines and attack have driven some of the top oil stocks in the sector back to very appealing entry points.
We screened our 24/7 Wall St. energy database looking for the mega-cap integrated leaders that all pay solid dividends and are rated Buy. We found seven both here and abroad that make sense now and for 2023. It’s important to remember though that no single analyst report should be used as a sole basis for any buying or selling decision.
This company was long considered an industry leader when they were known as Apache, and is perhaps offering one of the best entry points in the sector. APA Corporation (NYSE: APA), through its subsidiaries, explores for and produces oil and gas properties. It has operations in the United States, Egypt, and the United Kingdom, as well as has exploration activities in offshore Suriname. It also operates gathering, processing, and transmission assets in West Texas, as well as holds ownership in four Permian-to-Gulf Coast pipelines.
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