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Warren Buffett’s Oil Bet Not Delivering With Low Prices

Occidental Petroleum (OXY) released earnings after the market close, and Warren Buffett’s bet continues to dip. 

OXY – Daily Chart

OXY – Daily Chart

The price of OXY is in danger of testing recent support if analysts are disappointed by the earnings results. 

The oil company will follow up strong earnings from heavyweights such as Shell and Exxon. Wall Street expects earnings per share of 71 cents and $6.95 billion in revenues. 

At the end of 2021, the cash pile at Warren Buffett’s Berkshire Hathaway had grown to a near-record $146.7 billion. That also came after strong rallies and valuations in the US stock market. 

“We find little that excites us,” Buffett said in a shareholder letter at the time, but since 2022, Berkshire has been loading up on oil and gas producer shares. 

A tipping point came in 2023 when Buffett said in the company’s earnings report: 

“I read every word and said this is exactly what I would be doing. She’s running the company the right way,” the billionaire said about Occidental CEO Vicki Hollub. “We started buying on Monday and we bought all we could,” he added. 

Shell and Exxon posted strong earnings recently. Diamondback Energy also swooped to buy Endeavour Energy, adding to a recent wave of consolidation in the industry. Buffett’s bet on the oil firm is attractive as the recent decline in price may add pressure to the firm and may see the billionaire cashing out part of his stake.

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