Key Points
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Occidental Petroleum shares have increased nearly 36% since Greg Abel became CEO of Berkshire Hathaway in January.
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Currently, Occidental’s future performance is closely tied to crude oil prices, making it more volatile than competitor Chevron.
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As of Q2 2026, Occidental reported a remarkable 57% year-over-year revenue growth with earnings soaring 20-fold from the previous year.
Occidental Petroleum (NYSE: OXY) has seen a substantial price surge, rising from mid-$40s to $67.45 per share earlier this year amidst increased crude oil prices driven by geopolitical tensions. Greg Abel, who took over as CEO of Berkshire Hathaway (NYSE: BRKA, BRKB) in January, has maintained investments in both Occidental and Chevron, the latter increasing by approximately 22.5% in the same timeframe.
As oil prices have fluctuated due to changing dynamics in the Middle East, investors are questioning whether Occidental’s performance will continue, especially with the company now being solely focused on fossil fuels after divesting OxyChem for $9.7 billion. Despite predictions of rising crude prices due to China’s substantial stockpiling strategy, many investors are leaning towards the more stable outlook offered by Chevron.
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