# Option Traders: Look at These Upstream Stocks

By Rabindra SamantaUpdated

## High implied volatility

On September 23, 2016, Cobalt International Energy (CIE) had the highest implied volatility among the upstream stocks that are part of the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). Its implied volatility was ~150.4%. This is ~6.2% more than its 15-day average of 141.6%.

Now, let’s look at the implied volatilities of other upstream stocks on September 23:

- California Resources (CRC) had an implied volatility of ~107.4%. This is 5% more than its 15-day average.
- Denbury Resources (DNR) had an implied volatility of 78%. This is 2.3% more than its 15-day average.
- Whiting Petroleum (WLL) had an implied volatility of ~77.7%. This is ~0.6% less than its 15-day average.
- Chesapeake Energy (CHK) had an implied volatility of ~76.4%. This is ~1% less than its 15-day average.

## Low implied volatility

On September 23, Occidental Petroleum (OXY) had the lowest implied volatility among the upstream stocks. Its implied volatility was ~21.7%. This is ~10.9% more than its 15-day average of ~19.6%.

Let’s look at some other upstream stocks with low implied volatilities on September 23:

- EQT (EQT) had an implied volatility of ~28.4%. This is ~3.9% more than its 15-day average.
- ConocoPhillips (COP) had an implied volatility of ~30.4%. This is 4.8% more than its 15-day average.
- EOG Resources (EOG) had an implied volatility of ~30.5%. This is 12.5% more than its 15-day average.
- Pioneer Natural Resources (PXD) had an implied volatility of ~31.8%. This is 8.5% more than its 15-day average.

In the next part of this series, we’ll look at the returns of some upstream stocks with high and low implied volatilities.