Shares of Italian integrated energy major Eni (NYSE: E) fell a dramatic 33% in 2020, according to data from S&P Global Market Intelligence. That said, it was an eventful year, and the final result doesn’t do justice to the full 12-month span that featured two dips that took the shares down 50% or more.
Coming into 2020, the oil and natural gas sector faced a market that was slightly oversupplied thanks to the decadelong expansion of onshore U.S. oil drilling. OPEC had been working to offset U.S. production growth by curtailing its output. But then OPEC and partner Russia got into a dispute about the cuts and both reopened the spigots. Unfortunately that spat came at about the same time that the coronavirus caused countries around the world to essentially shut down vast swaths of their economies.