Energy stocks knocked down by tumbling crude oil, natural gas prices

Torchlight Energy Resources Inc

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*Nasdaq FSI: *Deficient: Issuer Failed to Meet NASDAQ Continued Listing Requirements

Energy : Oil, Gas & Consumable Fuels | Small Cap Value

Company profile

Torchlight Energy Resources, Inc. (Torchlight) is an energy company. The Company is engaged in the acquisition, exploration, exploitation and/or development of oil and natural gas properties in the United States. The Company is primarily focused on the acquisition of early stage projects, the development and delineation of these projects, and then the monetization of those assets once these activities are completed. Torchlight has interests in four oil and gas projects: the Orogrande Project in Hudspeth County, Texas; the Hazel Project in Sterling, Tom Green, and Irion Counties, Texas; the Winkler Project in Winkler County, Texas, and the Hunton wells in partnership with Husky in Central Oklahoma. The Company operates its business through its subsidiaries, including Torchlight Energy, Inc., Torchlight Energy Operating, LLC, Hudspeth Oil Corporation, Torchlight Hazel, LLC and Warwink Properties, LLC.

Energy stocks knocked down by tumbling crude oil, natural gas prices

2:20 pm ET September 21, 2020 (MarketWatch) Print

The energy sector was taking a broad beating, enough to pace all of the S&P 500's sectors in declines, amid a sharp drop in crude oil and natural gas prices and a selloff in the broader stock market. The SPDR Energy Select Sector ETF (XLE) slid 4.6%, with all 26 components losing ground. Among the more active components, shares of oil and gas producers Exxon Mobil Corp. (XOM) dropped 3.7%, Marathon Oil Corp. (MRO) lost 5.6%, Occidental Petroleum Corp. (OXY) shed 4.0% and Chevron Corp. (CVX) declined 4.4%, while the stocks of oil services companies Halliburton Co. (HAL) tumbled 9.9% and Schlumberger Ltd. (SLB) sank 8.5%. Crude oil futures fell 4.8% to below $40 a barrel, amid expectations that Libyan crude will soon return to the market (http://www.marketwatch.com/story/oil-prices-tumble-on-expectations-for-return-of-libyan-crude-production-global-stock-market-selloff-2020-09-21), and natural gas futures plunged 11.3%. Meanwhile, the S&P 500 dropped 2.4%, with all 11 sector tracking ETFs losing ground.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

September 21, 2020 14:20 ET (18:20 GMT)