Investing for the long term is the best way to grow your wealth. And these three stocks can help you do it.
Stephen Chazen, who rose to the top of Occidental Petroleum during a lengthy career and after his retirement started and ran a Texas shale-oil producer, has died aged 76 after an illness. Chazen was chief executive and chairman of Houston-based Magnolia Oil and Gas Corp, which he helped start in 2017 after leaving Occidental and ran until this week. Chazen, who early in his career was a finance executive, acquired shale properties and pledged to put cash flow above production.
It's Friday morning -- two days after the Federal Reserve raised interest rates 0.75%, and one day after seemingly every other central bank in the world followed suit, according to The Wall Street Journal -- and oil stocks are tanking. As of 9:50 a.m. ET, shares of oil company Occidental Petroleum (NYSE: OXY) are down 5.6%, while industry bellwether ExxonMobil (NYSE: XOM) is down a solid 6%, and refiner Phillips 66 (NYSE: PSX) is leading the pack lower with a 6.7% loss.