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Earnings picture better than last year, but oil prices tumble

May 8, 2017 in News

As some of the oil and gas companies that work in Wyoming reported wins and losses from the first three months of 2017, the spot price of oil was tumbling toward a five-month low of $45.52 pressured by an international oversupply that refuses to back down.

The anxiety on Wall Street took a back seat to some sunnier reports from individual companies as they compared their numbers to last year’s lows. The benchmark mark price for U.S. oil averaged $30.32 in February of 2016 and bankruptcies and losses spread across the industry from the Permian in west Texas to the Powder River in northern Wyoming.

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