Investors are rummaging through battered energy stocks to play a potential rebound in oil prices, just weeks after crude futures traded below zero for the first time ever.
FILE PHOTO: Natural gas flares are seen at an oil pump site outside of Williston, North Dakota March 11, 2013. REUTERS/Shannon Stapleton
Valuations for exploration and production companies, as measured by enterprise value to gross cash invested, stood near their lowest levels since 1995 in late April, according to Goldman Sachs. North American oil companies have slashed production faster than expected, on course to cut roughly 1.7 million barrels per day by the end of June, according to a Reuters analysis of U.S. state and company data.
Yet looming bankruptcies have made the energy industry a minefield, with U.S. shale producers, refiners and pipeline companies scrambling for cash and facing likely restructuring as they struggle under heavy debt loads.
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