Occidental Petroleum Surges 36% Under Greg Abel

Under new CEO Greg Abel, Berkshire Hathaway's investments have been in the spotlight, but one often-overlooked development is the strong performance of Occidental Petroleum (OXY) shares. Since January, Oxy has surged by nearly 36%, outperforming major indexes like the S&P 500 and other major oil stocks, including Chevron (CVX), which is up around 22.5%. The question now is whether a further rally is just around the corner.

Occidental's surge took shape earlier this year when the escalation of the U.S.-Iran conflict led to a sudden surge in crude oil prices, with Oxy shares soaring from the mid-$40s to as much as $67.45 per share. Today, Occidental is trading at around $58.98.

Occidental's latest results underscore why investors were so primed to bid it up, with year-over-year revenue growth of 57% and earnings rising 20-fold from the prior year's quarter. The company's greater operating leverage compared to integrated majors like Chevron can serve as a powerful catalyst during boom times.

However, as oil prices have pulled back since Q2 2026, it's understandable if you think Occidental's hot run was a one-and-done event. But some analysts believe that crude prices could surge again when China replenishes its stockpile, which has enabled it to ride out supply shocks simply by importing less oil.

While there's a long-term bull case for Oxy, many investors may prefer the less chancy setup with Chevron, which already factors in Brent crude prices lower than present levels. For now, Abel appears content to hold both, but only time will tell how long that lasts.