Why Shares of These 3 Oil Refiners Plunged More Than 25% in March
Shares of oil refiners Phillips 66 (NYSE: PSX), HollyFrontier (NYSE: HFC), and PBF Energy (NYSE: PBF) lost more than one-quarter of their value in March, according to data provided by S&P Global Market Intelligence. That was more than twice the losses of the S&P 500, which was only down 12.5% for the month.
HollyFrontier and Phillips 66 saw modest drops compared to the rest of the refining industry, down just 27.2% and 28.3%, respectively. PBF, on the other hand, took a huge 68.4% hit. The overall downstream (refining and marketing) sector of the oil and gas industry, as measured by the S&P 500 Refining and Marketing Index was down 36.2% for the month.
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Source Fool.com
