What's good about Occidental Petroleum?
Occidental Petroleum is a Delaware company. The company's main business consists of three segments: oil and gas, chemicals, and marketing. The Oil & Gas sector explores, develops and produces petroleum and condensate, natural gas liquids (NGL), and natural gas. The Chemical Division (OxyChem) mainly produces and sells basic chemicals and vinyls. The marketing department purchases, markets, collects, processes, transports, and stores oil, condensate, natural gas, carbon dioxide (CO2), and electricity. The company also trades around its assets, including transportation and storage capacity
Net profit attributable to common shareholders of the parent company in the 2022 fiscal year report was 8.231 billion US dollars, up 1958.01% year on year; operating income was 19.268 billion US dollars, up 67.71% year on year.
Due to the rise in oil prices, profits continued to soar for oil companies.
Moat: Don't worry about not being able to sell oil.
Negative news: The development of new energy sources such as electric vehicles will depress oil prices.
Why do people want to reduce oil use?
The burning caused global temperatures to rise, causing a series of natural disasters.
Why would US government agencies agree to Buffett's holdings increase to so many positions?
Buffett has always been committed to investing in good companies, and in actions to make good companies better serve the community, he owns many public infrastructure companies and is an excellent company manager. Perhaps it was only because of this that Buffett's application was permitted.
Compared to Buffett's previous big positions...