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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.
Zacks.com users have recently been watching Occidental (OXY) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
Buffett likes Occidental Petroleum and its leadership. The business is doing well.
The Oracle of Omaha has delivered a greater-than 5,000,000% aggregate return in his company's Class A shares (BRK.A) since becoming CEO nearly six decades ago. Buffett and his investment team have been selective buyers of late.
The advent of carbon capture technologies could extend the oil and gas sector's marketable life for several more decades. Occidental Petroleum is one of the leading developers of carbon capture technologies, with a major facility set to begin operations next year.
Buffett believes Occidental Petroleum has the characteristics of an indefinite holding. The oil giant is important to the United States because of its oil resources and emerging carbon capture business.