Why Shares of These 3 Oil Companies Crashed More Than 40% in March
Shares of oil producers EOG Resources (NYSE: EOG), Hess (NYSE: HES), and Marathon Oil (NYSE: MRO) tumbled more than 40% in March, according to data provided by S&P Global Market Intelligence.
Hess' shares were down 40.7%, similar to EOG's 43.2% decline. Both were roughly in line with the overall oil and gas exploration and production (E&P) industry as a whole, as measured by the SPDR S&P Oil & Gas Exploration and Production ETF (NYSEMKT: XOP) 46.5% for the month.
Marathon, on the other hand, saw its shares fall much further, finishing the month down 60.3%. Shares of all three have risen slightly since the end of March, as traders have become more optimistic about an end to the global oversupply. However, all three stocks are down more than 40% for the year, with Marathon's shares down more than 70% so far in 2020.
Source Fool.com
