Why Big Oil Stocks Are Selling Off Right Now

Earnings season is well and truly underway, with half of S&P 500 companies having returned their Q3 2023 earnings scorecards. Unlike recent seasons, the current one has been somewhat underwhelming for oil and gas as well as for the renewable energy energy sector. The sector is reporting the largest (year-over-year) earnings decline of all eleven sectors for Q3 at -38.1%, a far cry from the 2.7% average growth by the broad market. To give you an idea of how dire the situation is for oil and gas companies, FactSet has revealed that…