U.S. Oil Companies Produced More Oil Than any Country in History Last Year. Here Are 3 Top Oil Stocks to Buy Now
The U.S. produced 12.9 million barrels of oil per day (BPD) last year. That was the most crude oil produced by any country in history (and well ahead of rivals Russia, with 10.1 million BPD, and Saudi Arabia's 9.7 million BPD). It shattered the country's previous record of 12.3 million BPD in 2019. The country's output also reached a record high of 13.3 million BPD in December. No other country has come close to reaching that level. Saudi Arabia recently scrapped plans to boost its output to 13 million BPD by 2027, suggesting the U.S. will continue to reign supreme.
The U.S. oil production boom is driving growth for many top oil stocks. Occidental Petroleum (NYSE: OXY), Chevron (NYSE: CVX), and Diamondback Energy (NASDAQ: FANG) stand out as three of the top ones to buy right now for those seeking a way to cash in on the boom.
Occidental Petroleum produced an average of 1.2 million barrels of oil equivalent per day (BOE/d) during the fourth quarter of last year. That was its highest quarterly total in over three years. The company benefited from strong production growth in the Rockies and Permian Basin, which offset weaker output in the Gulf of Mexico due to a third-party pipeline outage.
Source Fool.com
Occidental Petroleum Corp. Aktie
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