Stocks ended down on Monday as they came under heavy pressure toward the end of the trading day. Stocks once again followed crude lower, which settled at $30 after finishing last week at $31.
News is starting to get interesting for energy stocks as the reality of $30 starts to set in. For example, Halliburton presented "an enhanced set of proposed divestitures" to the U.S. Department of Justice earlier this month. Halliburton also laid off 4,000 workers last year in an effort to cut costs down. In Canada, where the cost to produce a barrel of crude is much higher, some producers are losing money on every barrel they sell. Companies operating in the Canadian Oil Sands include Canadian Natural Resources (NYSE:CNQ), Suncor Energy (NYSE:SU), to which Warren Buffett keeps adding, and Imperial Oil (IMO). Continue Reading »