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Quarter-End Insights

Our Outlook for Energy Stocks

U.S. tight oil remains front and center for investors and market observers, for good reason.

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  • U.S. tight oil production growth continues to be the dominant supply story in energy, reshaping market fundamentals in the U.S. and abroad.
  • Natural gas production remains stubbornly strong, with full credit due to the Marcellus.
  • We're seeing the Majors begin to dial back capital spending, favoring projects that generate long-term production plateaus rather than more traditional oil and gas developments, where decline rates accentuate the challenge of reserve replacements.


Jason Stevens does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.