Occidental Petroleum Books $2.5 billion Profits, Expands Direct Air Capture Project

Houston based Occidental Petroleum reported better than expected third-quarter earnings Tuesday after the close and announced it had paid down debt to less than $19 billion and repurchased a record $1.8 billion in the quarter. Occidental has been benefiting from part to its foothold in the shale-rich Permian Basin of West Texas and New Mexico despite energy prices pulling off their peaks. Billionaire investor Warren Buffett’s Berkshire Hathaway has been boosting his bet on OXY, grew its stake in Occidental to … Continue reading “Occidental Petroleum Books $2.5 billion Profits, Expands Direct Air Capture Project”

Occidental Petroleum Pays Down Debt, Record Chemical Earnings as Warren Buffett Boosts Stake

Houston based Occidental Petroleum reported better than expected second-quarter earnings Tuesday and announced it had paid down $4.8 billion in debt and set to return more cash to shareholders. Occidental has been riding the surge in global crude oil prices topping Street forecasts thanks in part to its foothold in the shale-rich Permian Basin of West Texas and New Mexico. Billionaire investor Warren Buffett’s Berkshire Hathaway has been boosting his bet on OXY just as activist Carl Icahn sold the last … Continue reading “Occidental Petroleum Pays Down Debt, Record Chemical Earnings as Warren Buffett Boosts Stake”