What Does Occidental Petroleum Have That ConocoPhillips Doesn't?
Oil giant Occidental Petroleum (NYSE: OXY) has caught the eye of Warren Buffett. His company, Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), has already purchased a more than 20% stake in Occidental. Meanwhile, it recently received regulatory approval to buy up to half of the oil company's outstanding shares.
Occidental isn't Buffett's first foray into the oil patch. He once held a sizable position in ConocoPhillips (NYSE: COP). However, instead of going back to the well and buying an oil company he already knew quite well, Buffett has opted for Occidental this time around to play the boom in oil prices. Here's a look at what it has that's missing at ConocoPhillips.
ConocoPhillips is one of the world's largest exploration and production (E&P) companies based on output and reserves. It operates in 13 countries and has a diversified asset portfolio. It produced an average of 1.72 million barrels of oil equivalent per day (BOE/D) in the second quarter.
Source Fool.com
