A tumultuous week for the oil and gas industry has been marked, most notably, by a staggering 65% fall in revenues. Just two days ago, it was reported that the contentious Trans Mountain pipeline project is nearing completion. Meanwhile, the outdoor recreational product company, North Face, reignited criticism by likening the ongoing practices in the oil industry to those within the porn industry. This has led to mounting pressure on industry players to consider divesting their oil and gas assets.
1. The oil and gas industry has experienced a massive 65% fall in revenues.
2. The Trans Mountain pipeline project has been reported as nearing completion.
3. North Face, an outdoor recreation product company, has reignited criticism of the oil industry by comparing its practices to those of the porn industry.
4. This comparison has prompted pressure on industry participants to consider divesting of their oil and gas assets.
5. As a result of North Face's controversial campaign, there's been a sell-off trend among oil and gas stocks.
In 2020, North Face's parent company, VF Corporation, reported a 47% decline in its operating income due to the COVID-19 pandemic.
The sudden 65% plummet of Oil & Gas revenues has sent shockwaves through the energy sector. This downturn comes despite news that the Trans Mountain Pipeline is nearing completion after weeks of steady progress. Only five days ago, outdoor apparel company North Face controversially compared the oil industry to the adult entertainment industry in a shocking social media campaign. This comparison drew widespread criticism, sparking a sell-off trend among oil and gas stocks.