U.S. energy companies’ quarterly reports to show depths of slump – ZAWYA

U.S. energy companies’ quarterly reports to show depths of slump – ZAWYA

Analysts see a 58.9% year-over-year decline in energy earnings for the first quarter, steeper even than the 37.7% decline they projected at the start of the month, according to IBES data from Refinitiv.. For the year, energy earnings are estimated to drop more than 95%.. While lower oil prices are a negative for energy companies, they are often a boon for consumers and businesses that use a lot of oil, such as airlines and some chemical manufacturers.. Guess what - nobody is filling up their gas tank because nobody is driving anywhere," said Art Hogan, chief market strategist at National Securities in New York.. But once energy is excluded, the expected decline becomes 11.9%, based on Refinitiv data.. U.S. companies have been pulling guidance as they assess the impact of the coronavirus on their operations, but energy companies typically give little earnings guidance even in normal times..