Good Evening, The price action in Occidental Petroleum NYSE: OXY has been range-bound for the last two years and may not break out of the range soon. However, the stock retreated to the low end of the range in December and sparked another round of purchases by Berkshire Hathaway. This is not surprising; the $58.50 level has marked the “Buffett Buy Zone” for the last two years and triggered multiple purchases by the same. The question is, if Buffett is an investing genius (he is) and he keeps buying Oxy stock, there must be a reason, and if there’s a reason for him to buy it, it makes sense there’s a reason for the average investor to own some, too. That reason is cash flow. Like all the major oil companies, Occidental is experiencing some of the healthiest cash flow in its history. The combination of tightened OPEC supply, stable and growing energy demand, and record non-OPEC production has the industry set up to do the same in 2024. What this means for Occidental is an opportunity to pay down debt, improve its capital structure, strengthen its balance sheet, buy back shares and pay dividends—a total package for investors.
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