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Occidental's (OXY) strong presence in the Permian Basin and systematic investment to expand operations will provide support amid a competitive industry.
Occidental (OXY) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
As CERAWeek by S&P Global — an annual global energy conference focusing on the industry's biggest goals and challenges — kicks off today, Occidental Petroleum (OXY) CEO Vicki Hollub joins Yahoo Finance's Julie Hyman to discuss the company's goals after acquiring CrownRock in December 2023. Hollub emphasizes that Occidental Petroleum's "large position" in the Delaware Basin allowed the oil giant to achieve "efficiencies" of scale while expanding to other drill sites.
Occidental Petroleum (OXY) acquired oil producer CrownRock for $12 billion in December 2023. Portfolio Wealth Advisors President and CIO Lee Munson joins Yahoo Finance following Julie Hyman's interview with Occidental Petroleum CEO Vicki Hollub at CERAWeek by S&P Global, reacting to Oxy's acquisition and the outlook on Berkshire Hathaway's (BRK-A, BRK-B) investments into the energy giant.
Occidental (OXY) reported earnings 30 days ago. What's next for the stock?
Warren Buffett, the renowned investor and Chairman of Berkshire Hathaway (NYSE: BRKA, BRKB), has expanded the company's extensive portfolio by recently extending an Occidental Petroleum Corp (NYSE: OXY) position, and it seems that OXY stock is primed for a surge.
It was in June 2022 when crude oil traded above $120 per barrel. However, with contractionary monetary policies and subsequent macroeconomic headwinds, oil has been in a correction mode.
Riding the Oracle of Omaha's coattails has made some long-term investors rich. Although Apple and Occidental Petroleum are core positions for Berkshire Hathaway, neither is Warren Buffett's favorite stock to buy.
Oxy is a great business, but these two smaller peers are much better buys right now.
Warren Buffett is widely considered to be the greatest investor of all time. The man has amassed an incredible Fortune from the stock market.