Why ConocoPhillips Stock Plummeted in the First Half of 2020

Why ConocoPhillips Stock Plummeted in the First Half of 2020

Shares of ConocoPhillips (NYSE: COP), the largest U.S. independent oil and gas exploration and production company, plunged 35.4% in the first six months of 2020, according to data provided by S&P Global Market Intelligence. The poor performance brought Conoco's share price to essentially the same level as it was ten years ago. Like most oil drillers, when the price of oil goes up, Conoco's share price improves.