“With major companies such as Halliburton (HAL) falling on pressure-pumping concerns, investors will certainly be looking for clues for how long the pain will last,” according to Barron’s. “Davies expects cautious commentary from Schlumberger (SLB) could clip Halliburton stock yet again, although he believes the latter will come out with a ‘strong rebuttal,’ that emphasizes its breadth and diversity across the business.”

Schlumberger, the world’s largest oilfield services provider reports results on Friday, July 20 while the bulk of the other big-name energy companies in the S&P 500 Energy Index delivering earnings updates next week.

XLE and other traditional cap-weighted energy ETFs are typically heavily allocated to Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX). Those stocks combine for over 37% of XLE’s roster.

Rivals to XLE include the Vanguard Energy ETF (NYSEArca: VDE), iShares U.S. Energy ETF (NYSEArca: IYE) and the Fidelity MSCI Energy Index ETF (NYSEArca: FENY).

For more information on the oil market, visit our energy category.