Cimarex Energy (XEC), a Permian and Anadarko Basin focused exploration and production company, was the top upstream gainer in the week ending October 5. Cimarex Energy rose 6.7% last week. The gains could be attributed to gains in crude oil and natural gas prices. Natural gas formed ~43% of the total production in the second quarter, while ~29% was crude oil and ~28% was natural gas liquids. Overall, Cimarex Energy has lost 18.7% YTD, which could be attributed to sluggishness in natural gas prices.
Cabot Oil & Gas
Cabot Oil & Gas (COG), a natural gas heavy exploration and production company, was the second-highest upstream gainer last week. The company rose 6.2%. Similar to Cimarex Energy, Cabot Oil & Gas’s gains could be attributed to gains in natural gas prices. Despite last week’s gains, Cabot Oil & Gas has fallen 16.4% in 2018.
Gulfport Energy (GPOR), a natural gas heavy exploration and production company focused in the Utica shale region, was the third-highest upstream gainer last week. Gulfport Energy ended the week 6.1% higher. Overall, Gulfport Energy has lost 13.5% YTD.
Other top upstream gainers
Callon Petroleum (CPE), Legacy Reserves (LGCY), Pioneer Natural Resources (PXD), Antero Resources (AR), SM Energy (SM), Denbury Resources (DNR), and Concho Resources (CXO) were among the top ten upstream gainers last week.
Next, we’ll discuss the worst-performing upstream stocks last week.