Oil companies are tanking after OPEC announced that it will not be cutting its production rates.
The energy sector as a whole took a hit as trading opened on Friday, as even oil’s competition saw losses following West Texas Intermediate’s drop below $70.
Drillers all fell in Friday trading: Seadrill, Transocean, Hercules Offshore, Atwood Oceanics and Nabors Industries dropped more than 7.5 percent in the first minutes of trading. Transocean fell over 28 percent in the past month, and Seadrill saw its price drop more than 37 percent in that time.
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Other oil services companies, like Schlumberger, Baker Hughes, and Halliburton also saw heavy losses at the beginning of Friday’s trading. But Energy XXI, an exploration and production company focused on the Gulf of Mexico, was the energy sector’s biggest percentage loser on Friday: It’s stock traded down over 25 percent as of 9:50 a.m. ET.
But even as beneficiaries of the oil business fell on Friday, so did its competitors.
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