NEW YORK, NY -- (Marketwire) -- 06/13/12 -- Oil stocks have struggled over the last month amongst concerns of a potential financial crisis in Europe. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has fallen nearly 11 percent in the past month. As Europe accounts for approximately 20 percent of the world's consumption of oil, a weak economy would weigh heavily on oil demand. Five Star Equities examines the outlook for companies in the Oil and Gas Industry and provides equity research on Exxon Mobil Corporation (NYSE: XOM) and Marathon Oil Corporation (NYSE: MRO).
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Oil prices hit eight-month lows Monday after Spain's bailout plan failed to ease concerns of the euro region's debt crisis. Prices for crude oil for July delivery fell to $82.70, their lowest levels since Oct. 6. "There's skepticism about the plan" for the bailout, said John Kilduff, a partner at Again Capital LLC. "The euphoria was short-lived as attentions shifted to Italy and even France."
Federal Reserve Chairman Ben Bernanke comments last Friday gave no hint of stimulus from the central bank to help boost the economy. Bernanke stated that the Federal Reserve was ready to take action if Europe's problems began to threaten the U.S. economy, but gave no hint that any additional measures were coming in the near future.
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ExxonMobil holds an industry-leading inventory of resources, is the largest refiner and marketer of petroleum products and its chemical company is one of the largest in the world. The company recently launched a free app for the iPad that houses the latest ExxonMobil news, blog posts, stock price, videos and publications. The app also features an enhanced version of ExxonMobil's Outlook for Energy: A View to 2040, which contains ExxonMobil's perspectives on energy supply, demand and technology trends over coming decades.
Marathon Oil Corporation is an independent international energy company engaged in exploration and production, oil sands mining and integrated gas. The Company's operations are located in the United States, Angola, Canada, Equatorial Guinea, Indonesia, Iraqi Kurdistan Region, Libya, Norway, Poland and the United Kingdom. Marathon reported first quarter 2012 net income of $417 million, compared to net income in the fourth quarter of 2011 of $549 million.
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