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Occidental Petroleum (OXY -3.21%) unveiled a very bold move at the end of 2023. The oil producer agreed to buy CrownRock for $12 billion to bulk up its position in the oil-rich Permian Basin.
Warren Buffett's significant investment in Occidental Petroleum highlights its strong market position and potential for growth, especially in domestic energy production. OXY's diverse operations, including oil, gas, chemicals, and midstream marketing, generate substantial revenue, predominantly from U.S. oil production. The company's carbon capture initiatives, particularly DAC projects, promise future revenue streams and support dividend growth, despite high initial costs.
As U.S. inflation rates heat up again, investors are scurrying to store assets in traditional hedges. One of the most consistently well-performing sectors in environments of high inflation is energy, which has beaten inflation 74% of the time between the years 1973 and 2024.
The S&P 500 (^GSPC -1.71%) is up 22.8% over the last year as megacap growth and value stocks have led the index to new heights. With valuations stretched in many top names, some investors may want to put new capital to work in out-of-favor companies.
The oil industry can be a good place to collect some dividend income. Many oil companies produce a lot of cash, giving them money to drill more wells and return cash to shareholders via dividends and stock buybacks.
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Warren Buffett, the ‘Oracle of Omaha', is one of the most renowned investors to ever live. Through judicious stock picks based on a philosophy of value investing, the billionaire and his company, Berkshire Hathaway, have managed to beat the market consistently.
Just about every investor knows about Warren Buffett. He's the guy who hosts annual meetings for his company, Berkshire Hathaway (BRK.A -0.40%) (BRK.B -0.41%), that draw tens of thousands of people to Omaha, Nebraska, every year.
OXY's fourth-quarter earnings are better than expected. Strong volumes from the Permian region continue to boost the overall production of the company.
Occidental Petroleum (OXY 4.40%) has grabbed the attention of Warren Buffett's company, Berkshire Hathaway (BRK.A 0.12%) (BRK.B 0.20%). That's abundantly clear in Berkshire's buying binge of Occidental's stock.