Shares in oil majors Chevron Corp and Exxon Mobil Corp collapsed around 1.5 percent each, as crude price plunged below $60 a barrel due to weak global oil demand.
The two energy giants face mounting Wall Street scrutiny this week in the midst of deepening negative sentiment for the sector and retreating oil prices.
Exxon and Chevron are anticipated to post their fourth-quarter sales prior to the closing bell on Friday.
The first wave of energy firms reporting was mixed, with oil and services companies Schlumberger Ltd. exceeding market projections last week.
Halliburton Co, on the other hand, fell to a Generally Accepted Accounting Principles quarterly decline for the first time since 2018 and beating adjusted-revenue estimates.
In a statement, Tudor Pickering Holt analysts said oilfield services and produces have directed stakeholders toward the back end of 2020 to see the long-awaited movement of growth in international/offshore oilfield operation.
Energy stocks were among the weakest performers on the US markets late Monday, with Exxon stocks set to cap their lowest since October 2010, and stretching a losing streak to their ninth consecutive trade.
The declines were the result of oil prices being disrupted by doubts and instability in the global economic front and sluggish demand for crude.
JPMorgan analysts on Monday said the pullbacks in oil and natural gas prices have caused a decline of about 5 percent in fourth-quarter consensus for oil producers.
Investors and traders are generally less pessimistic about the current year, but considering the more recent slides in major global commodities, "we would not be shocked if consensus estimates for the majors began to turn negative," they noted.
Crowdsourcing platform Estimize, which gathers analysis and expectations from Wall Street market strategists, fund managers, and academics, predicts earnings of 58 cents per share for Exxon.
For Chevron, the FactSet-polled analysts expect GAAP earnings of $1.51 per share and adjusted earnings of $1.44 per share. At Estimize, earnings are seen to come in at $1.56 per share.
FactSet-surveyed analysts see profits of $64.4 billion for Exxon. That would be down from $71.9 billion from a year earlier. Estimize predicts sales of around $68.7 billion for the company.
Exxon stocks have shed around 9 percent in the past four quarters, and Chevron stocks have dropped 2.4 percent. That compares with a rally of 18 percent for the Dow Jones Industrial Average. Exxon and Chevron are components of the DJIA.
Meanwhile, Chevron announced it was taking a $10-billion to $11-billion charge in its Q4 earnings results, partly connected to dismal natural gas bets in North America. Chevron disclosed it was assessing strategic alternatives for other natural gas assets, including a possible sale.
