Down more than 50% Year to Date
Oil and gas companies are tightening the purse strings for 2015, as several news releases on guidance are showing capex declines of 20% or more. Commodity hedges may protect most companies from further capital deterioration for the time being, but repercussions from the oil price collapse will be truly felt once the hedge contracts begin to expire. For some companies, that time is only a few months away.

Groups facing the most exposure to commodities have been hit the hardest in recent months, particularly th...

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