NEW YORK (TheStreet) -- Shares of oil company Southwestern Energy Co. (SWN) were falling by 2.94% to $23.14 in afternoon trading Friday, as both WTI and Brent crude prices slip to trade in the red after Saudi Arabia said it may raise output to new record highs amid the global supply glut, according to Reuters.
Saudi Arabia, the world's top crude exporter, said it was in discussions with Indian buyers to supply more crude, Reuters reports.
The exporter could potentially top its record high production of 10.3 million barrels per day in May, Reuters added.
Brent crude for July delivery was down 0.71% to $64.65 a barrel as of 1:09 p.m. ET today, while U.S. crude for July delivery was lower by 0.66% to $60.37 a barrel.
Houston, Texas-based Southwestern Energy is an independent energy company engaged in natural gas and oil exploration, development, and production.
Separately, TheStreet Ratings team rates SOUTHWESTERN ENERGY CO as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SOUTHWESTERN ENERGY CO (SWN) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, disappointing return on equity and weak operating cash flow."