Why Occidental Petroleum Stock Is Plunging Today
Shares of Occidental Petroleum(NYSE: OXY) tumbled more than 10% by 3 p.m. EDT on Wednesday. Weighing on the oil company were its weak first-quarter results and its struggles to manage its lofty debt load amid crashing crude oil prices.
Occidental Petroleum posted a steep loss during the first quarter. Not only did crashing crude oil prices in the period impact its earnings, but the company also had to write off the value of roughly $2 billion of assets due to lower pricing.
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Source Fool.com
