Trump energy secretary’s former company crushed by sell-off after Trump tariff escalation. Liberty Energy shares tumbled over 30% in just two days, as the oilfield services company founded by Chris Wright comes under heavy selling pressure. “The U.S. shale patch are not going to be happy with this.”
Source: mafco
8 Comments
OPEC seeing the rising storm has increased production to soften the economic hit of slowing trade. Sub $50 barrels are likely within months as oil producers fight for market share. This will be devastating for oil producing States. Not sure there will be much drill baby drill for the foreseeable future.
Wright “stepped away from the company” but not the stock, owning over 2million shares.
https://www.gurufocus.com/insider/120394/christopher-a-wright
Liberty is a well managed company in oilfield services, but I was deterred from investing last year by the fact that two whole pages of their investor powerpoint presentation were devoted to climate science denial.
Even in the world of oil & gas public companies, this is highly unusual.
What the f did they expect? They deserve every bit of it
Thoughts and prayers.
Ironically, Harris would have been better for business for oil companies.
I used to work in downstream, the price of a barrel right now is going to mothball equipment, suspend non-critical capital projects and lead to layoffs. Oil and gas cannot be happy about any of this.
More, more, more 😅😅😅