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Key Upstream Stocks Could Be Impacted by Crude’s Downturn

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Apr. 5 2016, Updated 9:08 a.m. ET

Upstream stock highly correlated with crude

Abraxas Petroleum (AXAS) has the highest positive correlation with WTI (West Texas Intermediate) crude oil among the upstream companies that are part of the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) between February 11, 2016, and April 4, 2016. On February 11, US (IVV) crude oil (USO) made multiyear lows and started to recover from this price level. AXAS had a correlation of about 64.3% with US crude oil during the same period.

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Other upstream stocks such as Cobalt International Energy (CIE), Matador Resources (MTDR), and Apache (APA) have a correlation of 58.7%, 54.9%, and 57% with WTI crude oil between February 11, 2016, and March 4, 2016. The above table shows the correlation of these stocks with WTI crude oil. Read What Are the Key ETFs When Crude Oil Rallies? to learn more about energy ETFs’ correlation with WTI crude oil.

Production mix

  • Abraxas Petroleum operates with 65.9% production mix of crude oil.
  • Cobalt International Energy and Matador Resources operate with 75% and 49.3% production mixes of crude oil.
  • Apache operates with 53.1% production mix of crude oil.
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