Shares of top oil and gas companies Parsley Energy (NYSE: PE), Kinder Morgan (NYSE: KMI), and Phillips 66 (NYSE: PSX) tumbled more than 10% in September, according to data provided by S&P Global Market Intelligence. That was much worse than the S&P 500, which only slipped 3.9% during the month.
Reflecting broad underperformance across the industry, shares of Permian Basin driller Parsley Energy plunged 12.9% during the month, while big natural gas pipeline operator Kinder Morgan’s shares fell 10.8%, and refiner and gas station operator Phillips 66 saw its shares drop 11.3%. For the year, shares of all three companies are down between 40.5% (Kinder Morgan) and 53.4% (Phillips 66).
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The oil industry has had a lot to contend with in 2020. While September didn’t see the massive swings in oil and gas prices that rocked the sector earlier