Altus Midstream (NASDAQ: ALTM) and Halliburton Company (NYSE: HAL) shares are trading lower on Monday amid weakness in the price of oil.Altus Midstream owns natural gas gathering, processing, and transmission assets including transmission and gathering pipelines, compressor stations, mechanical refrigeration units, cryogenic units and associated gas treatment facilities in the Permian Basin of West Texas. The majority of the revenue is generated from gas processing services.Halliburton is the world's second-largest oilfield services company. Building from its origins pioneering oil and gas well cementing in the 1920s, Halliburton has evolved into the premier wellbore engineering company, with leading business lines in cementing, completion equipment, and pressure pumping.Altus Midstream shares were trading down 3.09% at $11.61 on Monday at the time of publication. The stock has a 52-week high of $61 and a 52-week low of $9.40.Halliburton Company shares were trading down 9.97% at $14. The stock has a 52-week high of $25.46 and a 52-week low of $5.25.See more from Benzinga * Why Oneok's Stock Is Trading Lower Today * Why Cormedix's Stock Is Trading Higher Today * Why HCA Healthcare's Stock Is Trading Lower Today(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The energy sector was taking a broad beating, enough to pace all of the S&P 500's sectors in declines, amid a sharp drop in crude oil and natural gas prices and a selloff in the broader stock market. The SPDR Energy Select Sector ETF slid 4.6%, with all 26 components losing ground. Among the more active components, shares of oil and gas producers Exxon Mobil Corp. dropped 3.7%, Marathon Oil Corp. lost 5.6%, Occidental Petroleum Corp. shed 4.0% and Chevron Corp. declined 4.4%, while the stocks of oil services companies Halliburton Co. tumbled 9.9% and Schlumberger Ltd. sank 8.5%. Crude oil futures fell 4.8% to below $40 a barrel, amid expectations that Libyan crude will soon return to the market, and natural gas futures plunged 11.3%. Meanwhile, the S&P 500 dropped 2.4%, with all 11 sector tracking ETFs losing ground.
For example, Brookfield Infrastructure doesn't have any direct exposure to commodity prices, since regulated rates back its utilities and fixed-rate contracts insulate its energy midstream assets. Thus, an economic slowdown could affect Brookfield's earnings, especially the company's global ports business, since it could slow maritime trade.