OXY - Why Oil Drillers Like Occidental ConocoPhillips Kosmos and Centennial Rallied Today
Small onshore U.S. oil and natural gas driller Centennial Resource Development (NASDAQ: CDEV) and exploration and production giant ConocoPhillips (NYSE: COP) were up roughly 6% today. But that was nothing compared to the 12% advances in industry heavyweight Occidental Petroleum (NYSE: OXY) and far more modestly sized offshore driller Kosmos Energy (NYSE: KOS) . Centennial's onshore peer Callon Petroleum (NYSE: CPE) , meanwhile, put those gains to shame, with a rise of as much as 14.5%. And these weren't the only big movers in the sector.
These names span the gamut of the upstream energy industry (exploration and production) from tiny to large (at least fairly large), and from onshore to offshore to a little bit of both. Not a single one of them put out any notable news today, either. So what's going on?
Image source: Getty Images.
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Why Oil Drillers Like Occidental, ConocoPhillips, Kosmos, and Centennial Rallied Today