Five Largest US Oil and Gas Companies Lost $307bn in Market Cap YoY, a 45% Plunge Amid COVID-19 Crisis

Five Largest US Oil and Gas Companies Lost $307bn in Market Cap YoY, a 45% Plunge Amid COVID-19 Crisis

Five Largest US Oil and Gas Companies Lost $307bn in Market Cap YoY, a 45% Plunge Amid COVID-19 Crisis

Even before the coronavirus pandemic, the oil and gas industry was faced with slumping prices. However, with a record collapse in oil demand amid the coronavirus lockdown, the COVID-19 crisis has further shaken the market, causing massive revenue and market cap drops for even the largest oil and gas companies.

According to data presented by StockApps.com, the top five oil and gas companies in the United States lost over $307bn in market capitalization year-over-year, a 45% plunge amid the COVID-19 crisis.

Market Cap Still Below March Levels

Global macroeconomic concerns such as the US-China trade war and the oil overproduction set significant price drops even before the coronavirus outbreak. A standoff between Russia and Saudi