Why Occidental Petroleum Stock Tumbled 14% in July
Shares of Occidental Petroleum (NYSE: OXY) slumped 14% in July, according to data provided by S&P Global Market Intelligence. Weighing on the oil stock was the lack of progress on shoring up its balance sheet.
July was a relatively quiet month for Occidental Petroleum, which wasn't what the market wanted to see from the deeply indebted oil company. Ideally, investors would have liked a continuation of June's progress on shoring up its balance sheet. Instead, there were only reports that it was getting close to selling more assets to pay off debt.
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Source Fool.com
