3 Top Big Oil Stocks to Buy Now
Oil prices haven't bounced back as expected this year, which has weighed on oil stocks, including big oil companies ExxonMobil (NYSE: XOM), ConocoPhillips (NYSE: COP), and Occidental Petroleum (NYSE: OXY). That trio has been particularly walloped this year, falling more than 10% apiece even though crude is only down 5%. That underperformance is coming despite the fact that these oil giants have improved their ability to thrive at lower prices, which is why investors with a long-term mindset should consider scooping up shares.
Occidental Petroleum has endured the steepest decline of this group, falling more than 16% this year. That slump comes despite recently reporting solid second-quarter results, where it delivered 7% higher production from its Permian Basin resources, recorded its 15th consecutive annual dividend increase, and bolstered its cash position to $2.2 billion. In addition to its solid financial and operational performance, the company also started up a new chemical plant in Texas and sold some non-core acreage in the Permian, reinvesting the proceeds to acquire additional working interests in several enhanced oil recovery assets in the region.
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Source: Fool.com
