Oxy Rallies 36% as Occidental Petroleum Outpaces Peers Under Berkshire Hathaway
Oxy, Occidental Petroleum's ticker symbol, has seen a remarkable surge of nearly 36% this year under new Berkshire Hathaway CEO Greg Abel. This outperforms not only the S&P 500 but also other major oil holdings like Chevron and Exxon Mobil.
The company's shares broke out earlier in 2023 when tensions between the US and Iran escalated, causing a sharp increase in crude oil prices. Occidental stock skyrocketed from the mid-$40s to as high as $67.45 per share.
The latest quarterly results for Oxy show impressive growth: revenue increased by 57% year-over-year, and earnings surged twenty-fold compared to the same period in the previous year.
Investors are now looking at Occidental's prospects as crude prices remain volatile. With Brent averaging $106 a barrel in May and June according to the US Energy Information Administration, analysts expect further gains across the sector.