Shares of large-cap oil and gas majors Chevron (NYSE: CVX), APA Corporation (NASDAQ: APA), and oilfield service provider Halliburton (NYSE: HAL) fell hard in April, down 18.7%, 26.1%, and 21.9%, respectively, according to data from S&P Global Market Intelligence.
Of the three stocks, only Halliburton reported earnings during the month. But that was largely inconsequential to the price decline, as the across-the-board sector declines came on the heels of the biggest monthly decline in oil prices since November 2021.
The price of Brent and WTI oil dropped 15% and 18%, respectively, in the month of April, according to CNBC. That’s actually the largest one-month decline in oil since November 2021. Thus, it’s no wonder these three stocks, which are all levered to the price of oil to some degree, fell in tandem.