Why Occidental Petroleum, Devon Energy, and Marathon Oil Stocks Popped Today
Monday dawned bright for investors in the American oil and gas sector, as shares across the industry, from producers Occidental Petroleum (NYSE: OXY) and Devon Energy (NYSE: DVN) to refiner Marathon Oil (NYSE: MRO) reacted positively to news of oil production cutbacks at OPEC.
As of 10:15 a.m. ET, Occidental shares are up 5.8%, Devon is gaining 6.4%, and Marathon is leading the whole pack higher with a 9.4% gain.
OPEC -- or more precisely, the expanded OPEC+ group that includes major oil producer Russia -- announced yesterday that its member nations will be cutting oil output by nearly 1.2 million barrels per day (bpd), beginning in May. Russia and Saudi Arabia will account for the bulk of the production cuts, tightening their respective oil spigots by 500,000 bpd each, and these cuts will remain in place through the end of 2023.
Source Fool.com
