“Royal Dutch Shell Plc had its debt rating cut to the lowest since Standard & Poor’s began coverage in 1990, and downgrades of several other major European oil and gas companies will probably follow in coming weeks,” reports Bloomberg.
“Firestone believes that there is value in certain names within the energy sector. Specifically, she’s watching Schlumberger,” according to CNBC.
Schlumberger (NYSE: SLB), the world’s largest provider of oilfield services, is a top 10 holding in XLE.
Energy Select Sector SPDR