PSX - Why This Top Oil Stock Crashed 35.5% in the First Half of 2020
Shares of oil refiner Phillips 66 (NYSE: PSX) tumbled 35.5% in the first six months of 2020, according to data provided by S&P Global Market Intelligence. That was far worse than the S&P 500's 4% loss during the same time period. The loss erased almost all the company's gains from the last 10 years; shares are currently up less than 2% over the past decade.
Government responses to the coronavirus pandemic have been particularly hard on stocks of oil refiners. Travel restrictions have resulted in mass cancellations of flights around the globe. That caused a big drop in demand for jet fuel, a key refined product.
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