Why Occidental Petroleum Significantly Underperformed the S&P 500 in 2023

Shares of Occidental Petroleum (OXY 1.63%) slumped 5.2% in 2023, according to data provided by S&P Global Market Intelligence. That wouldn't have been such a bad decline if the S&P 500 hadn't been up 24.3% for the year. The main factor weighing on the oil stock was crude prices. Last year would have likely been much better for Occidental's investors if it hadn't been for lower oil prices. Oil prices blurred a strong year for the oil companyCrude prices took a breather last year, slumping more than 10%. That ...