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Why Suncor Energy, Continental Resources, and Occidental Petroleum Stocks Crashed Almost 10% Today

Rich Smith, The Motley Fool
·2-min read
Why Suncor Energy, Continental Resources, and Occidental Petroleum Stocks Crashed Almost 10% Today

The news that Saudi Arabia is cutting the price at which it sells oil for October delivery sent Brent crude prices down 5% in Tuesday trading, and WTI off by more than 7%. U.S. and Canadian oil stocks predictably took it on the chin, and at the close on Tuesday, shares of Suncor Energy (NYSE: SU), Continental Resources (NYSE: CLR), and Occidental Petroleum (NYSE: OXY) were all down nearly 10%. Continental, with a $5.3 billion market capitalization, is the most cash-poor of the three, with less than $7 million in the bank, but $5.8 billion in debt -- more than its own market cap.

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