The energy sector also featured several detractors from performance. Global exploration and production company Occidental Petroleum (OXY, Financial) fell sharply in March as the company was forced to slash its spending projections in the wake of the Saudi-Russian oil market share battle, which sent crude prices lower. The stock finished the year as a significant absolute and relative detractor, and we trimmed most of our position in recognition of the changing risk profile of the investment brought on by the pandemic.
From the T Rowe Price Equity Income Fund (Trades, Portfolio)'s 2020 annual shareholder letter.
