Why EOG Resources Stock Tumbled Nearly 40% in the First Half of 2020
Shares of EOG Resources (NYSE: EOG) slumped 39.5% during the first half of 2020, according to data provided by S&P Global Market Intelligence. The main factor weighing on the oil stock was the upheaval in the oil market.
Crude oil prices got clobbered during the first half of 2020. WTI, the primary U.S. oil price benchmark, started the year above $60 a barrel but would go on to plunge into negative territory at one point. While WTI would stage an epic 90%+ second-quarter rebound, it still ended the first half down 36%. That sell-off weighed on most oil stocks, including EOG Resources.
Image source: Getty Images.
Source Fool.com