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Why Chevron, Occidental Petroleum, and Devon Energy Rocketed Higher Today

Why Chevron, Occidental Petroleum, and Devon Energy Rocketed Higher Today

Shares of large-cap oil and gas producers Chevron (NYSE: CVX), Occidental Petroleum (NYSE: OXY), and Devon Energy (NYSE: DVN) were in rally mode today, up 5%, 5.4%, and 7.9%, respectively, as of 11:24 a.m. ET. While many stocks were higher today, oil and gas stocks were particularly strong ahead of the upcoming OPEC+ meeting this week. Over the weekend, The Wall Street Journal reported OPEC+ participants would discuss production cuts at the upcoming meeting to offset falling prices, with the potential for a surprisingly large cut in the offing.