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”