Oil prices are slipping after Saudi Arabian Oil Minister Ali al-Naimi said the country would not cut its oil production, the Wall Street Journal reports.
OPEC members are considering a freeze to oil production as the global oversupply of oil weighs on prices.
"The market got pumped up a little bit on the whole Saudi-Russia cooperation, and now people are saying, 'Well there are some holes in that, and maybe it's not actually going to be a production cut,'" James Marshall, partner at AtlasCommodities, told the Journal. "We're obviously oversupplied at these levels... We're going to have to grow out of that, and that takes time."
Crude oil (WTI) is declining by 4.94% to $31.74 per barrel and Brent oil is falling by 4.15% to $33.25 per barrel this afternoon, according to the CNBC.com index.
Southwestern is a Spring, TX-based energy company engaged in natural gas and oil exploration, development and production.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: SWN