OXY - Why Oil Stocks Are Coming Back Down to Earth Today
Oil stocks tumbled on Tuesday, with several slumping more than 10% by noon EDT. While oil prices were relatively calm -- WTI was roughly flat while Brent was down slightly -- rumors were swirling in the industry that two deeply indebted producers were about to file for bankruptcy despite the recent run-up in crude prices.
Those reports weighed on financially challenged producers today. Leading the downward spiral were Occidental Petroleum (NYSE: OXY), Callon Petroleum (NYSE: CPE), Gulfport Energy (NASDAQ: GPOR), Centennial Resource Development (NASDAQ: CDEV), Oasis Petroleum (NYSE: OAS), and Denbury Resources (NYSE: DNR).
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