You are missing one point, greed, they are making money, and for a couple of years they were going bankrupt, merging with others, capping oil wells, no one wanted their oil. Even Saudi Arabia came public and the price dropped, it hurt them in planning their future when their oil runs out. These stocks were cheap as hell a few years ago, no one cares that they were laying off workers and going out of business. The highs and lows of the oil business.even Warren Buffett got a sweet deal with OXY, they had to pay him in extra shares they had no money.
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