OccidentalPetroleum Stock News and Analysis: Can $OXY launch another 17%?
Russia-Ukraine war has buoyed oil stocks with soaring commodity price.Occidental Petroleum stock turned quite a few heads last Friday with its 17.6% rally. This large oil & gas independent company should greatly benefit from rising oil prices caused by Russia's invasion of Ukraine and subsequent Western sanctions placed on Russia due to the war. West Texas Intermediate oil rallied to $115 on Friday, briefly touched $130 on Monday, and now has backtracked to $123.
Second, on Sunday an outright ban on Russian oil became a real possibility. Antony Blinken, the US Secretary of State, told a journalist, “We are now in very active discussions with our European partners about banning the import of Russian oil to our countries, while of course at the same time maintaining a steady global supply of oil."
What is of note to anyone who understands global oil dynamics is that banning Russian oil would make it impossible to maintain "a steady global supply of oil." Alongside theand Saudi Arabia, Russia is one of the big three producers in the world. Bank of America put a figure on it: banning Russian oil would mean a 5 million barrel daily shortfall that would translate to around $200 a barrel price for crude.
Third, famed activist investor Carl Icahn has sold out of his entire stake in OXY. This is good for investors since Icahn has been depressing the share price for some time by continued selling. Icahn bought shares of OXY in 2019 and at one time had 10% of the company and two board seats. He was trying to pressure the management over their $38 billion buyout of Anadarko Petroleum. The estimate is that is walking away with a profit somewhere north of $1 billion.
Fourth, Warren Buffet's Berkshire Hatheway seems to be the primary bidder in the past week. Between Wednesday and Friday, it appears from Securities & Exchange Commission filings that Berkshire purchased some 60 million shares. This adds to the nearly 30 million shares of OXY that Berkshire owned previously. The Oracle of Omaha also owns $10 billion stock separately and approximately 84 million warrants to purchase more OXY at $59.62 a share. Shares closed at $56.15 on Friday.
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