Why Apache Stock Cratered 83% in March
Shares of Apache (NYSE: APA) nose-dived a stunning 83.2% in March, according to data provided by S&P Global Market Intelligence. Crude oil prices crashed last month, which forced Apache to take drastic action to shore up its financial profile.
The U.S. oil price benchmark, WTI, plummeted 54% last month, pushing it down 66% for the quarter to right around $20 a barrel. Driving that downdraft was the collapse of a market-support agreement between Russia and OPEC, causing a price war amid a massive disruption in the global economy because of the COVID-19 pandemic.
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Source Fool.com
