Why ConocoPhillips Stock Tumbled 36% in March
Shares of ConocoPhillips (NYSE: COP) slumped 36.4% in March, according to data provided by S&P Global Market Intelligence. The main issue weighing on the energy company was a massive sell-off in oil prices, which forced it to make some adjustments to its 2020 spending plan.
The price of oil plunged more than 50% last month, ending at around $20 a barrel. That's well below the roughly $50 a barrel baseline level used by most oil producers when they set their 2020 budgets. So oil companies, including ConocoPhillips, have had to quickly adjust their spending plans to align them with lower oil prices.
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Source Fool.com
