Occidental Petroleum (OXY) stock surged 5% in the 24-hour period, outperforming the broader market amid a significant jump in crude oil prices and renewed investor confidence sparked by Warren Buffett's ongoing investment in the company.
The rally in OXY shares comes as crude oil prices leaped nearly 5% due to escalating tensions in the Middle East and positive developments in the China-U.S. trade deal. As a major player in the energy sector with prime assets in the Permian Basin, Occidental stands to benefit substantially from higher oil prices, which directly impact its revenue and profitability.
Adding to the bullish sentiment, Warren Buffett's Berkshire Hathaway continues to show strong faith in Occidental. The company has purchased $35 million worth of OXY stock this year alone, adding to its substantial $6.9 billion investment over the past three years. Buffett's continued backing underscores the potential value in Occidental, which has been actively improving its balance sheet by selling assets and repaying debt. In the first quarter of this year, OXY generated an impressive $2.1 billion in cash flow, a metric that aligns well with Buffett's investment philosophy.
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