- The stock prices of U.S. oil exploration and production (E&P) companies relative to the broader U.S. equity market index have declined since the start of the year.
- According to the 42 companies' income statements, however, upstream production costs did not increase at the same rate as total output growth through the second quarter of 2019, allowing the 42 companies to increase production and returns on equity while maintaining capital expenditures lower than $21 billion per quarter.
- The broader S&P Oil & Gas Exploration & Production Select Industry Index, which represents stock prices for 63 U.S. oil companies, recently declined to low levels relative to the broader U.S. equity market.
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