Warren Buffett Loves Occidental Petroleum for a Reason That's Not Showing Up in the Numbers -- Yet
If you own a stake in Occidental Petroleum (NYSE: OXY), then you probably already know Warren Buffett's also a fan. Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) owns nearly 244 million shares of the oil and gas giant... a position that's been steadily added to since 2019 and is now worth a total of $14.5 billion. Buffett even mentioned Occidental's "vast oil and gas holdings" in his recent annual letter to Berkshire shareholders, underscoring the idea that the company is making adequate investments in its future supply of crude and natural gas.
However, there's something else Buffett said about Occidental Petroleum in his recently penned letter that deserves a closer look. He added that Berkshire Hathaway's a fan of the company's "leadership in carbon-capture initiatives [even] though the economic feasibility of this technique has yet to be proven."
The comment begs a couple of questions, the first of which is simply: What the heck is carbon capture?
Source Fool.com
Occidental Petroleum Corp. Stock
The stock is one of the favorites of our community with 21 Buy predictions and 2 Sell predictions.
As a result the target price of 70 € shows a slightly positive potential of 15.87% compared to the current price of 60.41 € for Occidental Petroleum Corp..
