Using daily data from January 1, 2020 to March 31, 2021, this research explores COVID-19 shocks on the stock market of 15 representative oil exploration and production enterprises from 7 countries. We measure the COVID-19 epidemic from two levels, government response stringency index and number of confirmed cases, and employ stock prices and stock market returns to reflect the stock market. Our research results confirm that both the government response stringency index and the number of confirmed cases have a significantly negative influence on stock prices. We further find that the negative reaction of the stock market to the government response stringency index is greater than that from confirmed cases. Finally, we conclude that the government response stringency index have a significantly positive effect on stock market returns of oil exploration and production enterprises. Similar findings arise from analyzing specific enterprises. Overall, our conclusions provide some useful information for the decision-making of oil exploration and production enterprises’ investors and policy makers.

本研究使用 2020 年 1 月 1 日至 2021 年 3 月 31 日的每日数据，探讨了 COVID-19 对来自 7 个国家的 15 家具有代表性的石油勘探和生产企业股票市场的冲击。我们从政府应对严格指数和确诊病例数两个层面衡量 COVID-19 疫情，并用股价和股市回报来反映股市。我们的研究结果证实，政府反应严格指数和确诊病例数均对股价有显着的负面影响。我们进一步发现，股市对政府反应严格指数的负面反应大于确诊病例的负面反应。最后，我们得出结论，政府反应严格指数对石油勘探和生产企业的股票市场回报有显着的正向影响。对特定企业的分析得出了类似的发现。总的来说，我们的结论为石油勘探和生产企业的投资者和政策制定者的决策提供了一些有用的信息。