Historic oil price plunge trashes sector's profit outlook [ABC News]
Exxon Mobil Corporation (XOM)
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Source: ABC News
LOS ANGELES -- Amid a historic Wall Street crash it's been the energy sector that's suffering the worst selling, thanks to a double whammy of thecoronavirusThe sector has lost 44% so far this year, as the price of crude recorded its worst drop in history, sinking almost 70% in the first quarter to around $20 per barrel. Global demand for oil fell 7% in the first quarter and is expected to fall 14% in the second quarter, according to IHS Markit.“There’s been a complete collapse in demand related to sheltering in place throughout the globe,” said Phil Orlando, chief equity market strategist at Federated Hermes.The skid accelerated last month after OPEC andRussiaSaudi ArabiaThe oil industry was already logging hundreds of bankruptcies before the coronavirus hit, as producers struggled with weak demand and high debt loads. Many oil companies have already cut spending and laid off workers.Oil's steep decline has shattered energy companies’ profit forecasts. The sector is expected to see th
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