APA, Halliburton, and Other Energy Stocks Tumble as Oil Prices Slide

Oil prices fall to below $80 for first time since January.


Joe Raedle/Getty Images

Energy stocks were sinking Friday as oil prices fell below $80 a barrel for the first time since January amid continued concerns over energy demand.

With inflation running at historically high levels, central banks around the world, including the Federal Reserve, the Bank of England and Swiss National Bank, have continued to increase the cost of borrowing in an attempt to fight rising prices. The moves could reduce demand for energy.

The dollar index was also higher on Friday, which pushed down on oil prices.

Front-month U.S. crude was at $78.63 a barrel, down 5.82%, and front-month Brent, the international standard, was at $85.86, down 5.09%, according to Dow Jones Market Data.

Both energy and oil stocks were dropping. The


S&P 500 Energy Industry Group Index

was down 5.5%.



APA

declined 11.3%,



Marathon Oil

(MRO,



Halliburton

(HAL) dropped 8.4%,



Baker Hughes

(BKR) fell 5.4% and



Schlumberger

(SLB) sank 8.3%.

Also on the decline were



Diamondback Energy

(FANG) and Hess (HES), both falling 8%;



Devon Energy

(DVN) down 7.9%,



Valero Energy

(VLO), 6.3% lower,



Exxon Mobil

(XOM) down 5.2%,



ConocoPhillips

(COP) off 6.8%,



Coterra Energy

(CTRA) down 5.1%,



Marathon Petroleum

(MPC) down 5%,



Occidental Petroleum

(OXY) down 4.7%; and



Kinder Morgan

(KMI) off 4.3%.

Write to Angela Palumbo at angela.palumbo@dowjones.com

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