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The Buffett-led conglomerate has deep pockets with over $150 billion in cash. But Occidental may want to reconsider.
Occidental Petroleum Corporation's Anadarko acquisition faced challenges due to the pandemic, but the benefits were not completely canceled. The pandemic highlighted the risk of deleveraging after a leveraged acquisition, leading to a demand for low leverage ratios in future acquisitions. Technology advances have led to production improvements, which will impact earnings in the future. The Anadarko acquisition is becoming more valuable.
Occidental Petroleum Corporation (NYSE:OXY) is reportedly in talks to buy CrownRock, a Texas shale firm, with a deal said to be worth $10 billion. It a deal goes through, as reported by the Wall Street Journal, it would be the latest in a series of consolidating transactions in the US shale sector.
Occidental Petroleum Corp. OXY, +0.45% is in negotiations to buy Texas energy producer CrownRock in a deal that could be valued at more than $10 billion, the Wall Street Journal reported late Wednesday.
Occidental Petroleum is in talks to buy CrownRock, a major energy producer in the west Texas area of the Permian basin, the Wall Street Journal reported on Wednesday.
The deal could value CrownRock well above $10 billion including debt.
Occidental Petroleum is an oil and gas producer that has benefited from elevated crude oil prices. Warren Buffett's Berkshire Hathaway has added 228 million shares of the company since 2022.
OXY's investment thesis remains robust with positive long-term tailwinds, as we expect deeper OPEC+ cuts through H1'24 to support current spot prices. Its improving balance sheet, well-diversified energy portfolio, and inherent undervaluation make it a good fit for Berkshire Hathaway Energy's acquisition. Ultimately, Warren Buffett's increased stake in OXY suggests his optimism about the prospects of the conventional oil/gas industry in the long term.
Occidental Petroleum Corporation (OXY) is Attracting Investor Attention: Here is What You Should Know
Recently, Zacks.com users have been paying close attention to Occidental (OXY). This makes it worthwhile to examine what the stock has in store.
Occidental Petroleum has continued to redeem Berkshire's preferred stock investment. The redemptions will save the oil company money over the long term.