Fitch Ratings agency said the low price of crude oil and natural gas is damaging the economics for players in the U.S. and European markets.

The price for Brent crude oil, the global benchmark, of around $49 per barrel is roughly 45 percent lower than this date in 2014. Global energy companies as a result are reporting weak profits and, for European companies, the weakness is expected to last at least through the fourth quarter.

"Fourth quarter 2015 may be even more painful for integrated companies as refining margins have fallen since the middle of the third quarter, which is likely to drag on profits in their downstream operations," Fitch Ratings said in a research note.

British energy companies BG Group and BP, Italian energy company ENI, French giant Total and supermajor Royal Dutch Shell all reported weak results for the third quarter, with an average cash flow from their operations down about 30 percent from the second quarter.

"We expect the impact to be more pronounced in 2016 as oil majors are now re-negotiating prices with their contractors and are aiming to reduce staff costs and streamline operations," Fitch said.

In the United States, a corresponding decline in wholesale natural gas prices is impacting operators in once-lucrative shale basins, separate analysis finds. Fitch said that, in the Marcellus basin in the eastern United States, several producers are lowering their production expectations because of lower prices.

Third quarter prices for Marcellus gas is about 25 percent below the average benchmark Henry Hub price for natural gas for the first nine months of the year.

"In early 2015, producers appeared willing to temporarily run below full-cycle breakeven in exchange for growth in production and proved reserves," Fitch said. "However, at current economics, continued growth could heighten financial risk and limit future value creation, and supports producers move to slow production growth in 2016."