Occidental Petroleum (NYSE: OXY) has become a popular oil stock in recent years. Warren Buffett has a lot to do with it. His company, Berkshire Hathaway, has been buying the oil stock hand over fist. It currently owns 28% of Occidental's outstanding shares.

Many investors will likely buy Occidental to follow Buffett, especially since he considers it a potential "forever" holding. Here are three other reasons to buy the oil stock that are even more important than the fact Buffett owns shares.

Last December, Occidental Petroleum agreed to buy CrownRock for $12 billion in cash and stock. The acquisition will enhance its already strong position in the Permian Basin. The company had hoped to close that deal in the first quarter. However, regulatory delays will likely push the closing into the second half of the year.

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Source Fool.com