Why Occidental Petroleum Stock Plunged 15% in August
Shares of Occidental Petroleum (NYSE: OXY) fell 15.3% in August, according to data provided by S&P Global Market Intelligence. Several factors weighed on the energy company last month, including oil prices, earnings, and its controversial acquisition of Anadarko Petroleum.
Occidental Petroleum started the month positively. It reported decent second-quarter results, including $0.97 per share of adjusted earnings, which beat analysts' expectations by $0.03 per share. Fueling that better-than-expected result was the company's production, which rose 3% from the first quarter and came in above its guidance range.
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Source Fool.com
