NEW YORK, NY -- (Marketwire) -- 05/18/12 -- Oil stocks have fallen along with sliding oil prices recently. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has dropped nearly 8 percent in the last month. Earlier this week benchmark U.S. crude prices hit a seven-month low of $91.81 and could fall further as a result rising inventories and economic uncertainty in Europe. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Rex Energy Corporation (NASDAQ: REXX) and Abraxas Petroleum Corp. (NASDAQ: AXAS).
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According to a recent article on Bloomberg U.S. crude stockpiles have risen to their highest levels in 21 years. The Energy Information Administration (EIA), in its weekly report Wednesday, stated that crude supplies grew by 2.1 million barrels to climb to 381.6 million barrels. Fears of the euro zone crisis and U.S. sanctions on oil imports from Iran have propelled OPEC producers, primarily Saudi Arabia, to boost oil productions. Weakening global demand has given importing countries the opportunity to stockpile inventories.
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Rex Energy is headquartered in State College, Pennsylvania and is an independent oil and gas exploration and production company operating in the Appalachian and Illinois Basins within the United States. The company recently reported operating revenue from continuing operations was $33.8 million for the first quarter of 2012, which is a 46% increase over the same period of 2011.
Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, Canada. The company reported net income for the quarter ended March 31, 2012 was $817,000, compared to a net loss of $10.0 million for the quarter ended March 31, 2011.
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