Why Occidental Petroleum Fell Today

Shares of U.S.-based oil producer Occidental Petroleum (NYSE: OXY) were falling on Tuesday, down 4.9% as of 1:00 p.m. EDT.Occidental is largely a U.S.-based oil and gas producer, with deep, low-cost inventory in the Permian Basin in West Texas, among other U.S. locations. The company also has a fair amount of debt on its balance sheet -- the result of two major acquisitions over the past seven years.As such, Occidental's stock is highly sensitive to oil prices and was an outsize beneficiary of the Strait of Hormuz closure, since some of its Middle East competitors have been cut off from global markets.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool