A two-year rally in US oil and gas stocks is coming to a halt as falling crude prices and fears of a slowdown in the world’s biggest economy threaten producers’ ability to maintain bumper shareholder payouts.
The S&P 500’s energy sector — consisting of oil and gas groups — was the market’s best performer in 2021 and 2022, rising more than 50 per cent last year as Russia’s invasion of Ukraine pushed up crude prices and operators used the windfall to repair balance sheets and shower shareholders with cash.
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