Oil certainly had an up and down year in 2023, gyrating between fears supply would be curtailed by OPEC, driving prices higher, and fears of a recession, which would crush demand, driving prices lower. And while crude finished the year near the low end of its range, now may be a perfect time to look at oil stocks as it looks more and more like a soft landing is in progress.
One oil stock which had a rough 2023 but which management feels is on track to outperform in 2024 is ProFrac Holding (ACDC). ProFrac manufactures fracking units and pumps for the oil drilling industry. The company has recently been expanding into electric fracking units which reduce both carbon emissions and noise pollution.
