
A Look at Occidental Petroleum Stock Performance
By Keisha BandzUpdated
Occidental Petroleum stock
After a dismal performance for most of 2017, Occidental Petroleum (OXY) stock has recently been mostly in a consistent uptrend. On a year-over-year basis, OXY stock has risen ~10%.
The Energy Select Sector SPDR ETF (XLE), in comparison, has risen ~3% in the same period, and the S&P 500 SPDR ETF (SPY) (SPX-INDEX) has risen 25.2%.
Occidental Petroleum stock has been driven primarily by crude oil price (UCO) movements, as the graph above shows. Crude oil prices have risen ~24.8% on a year-over-year basis.
Forward-looking comments
In its 3Q17 earnings release, OXY noted that it had made “continued progress toward breakeven plan that sustains dividends and growth capital.” Management added that the company delivered “basin-leading well results across multiple development areas and benches in Permian Resources and realized immediate operational improvements from our recent acquisition in the EOR business. These efforts further de-risk our breakeven plan.”