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Sydnee Gatewood
Sydnee Gatewood
Articles (3504) 

T Rowe Price Comments on Occidental Petroleum

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February 23, 2021 | About:
The energy sector also featured several detractors from performance. Global exploration and production company Occidental Petroleum (NYSE:OXY) 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.

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