Warren Buffett Boosts Occidental Petroleum Stake Despite Anticipated Q3 Profit Plunge

FuelNuts & Bolts
Written By Jennifer Joslyn

Warren Buffett-backed Occidental Petroleum (OXY) is set to report its third-quarter earnings, with analysts expecting a more than 60% drop in quarterly profit. Despite this, Buffett has increased his stake in OXY by acquiring an additional 4 million shares in late October. This comes after energy giants Exxon Mobil and Chevron reported Q3 profit declines of over 40% due to easing oil and natural gas prices in 2023.

OXY's Q3 earnings are expected to fall by 64% to 88 cents per share, with a 25% decline in revenue to $7.05 billion. The company has been facing challenges in the energy market, with lower natural gas and crude oil prices impacting its pretax income. Despite these difficulties, Warren Buffett has continued to invest in the company, holding a significant stake in Occidental Petroleum.

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Jennifer Joslyn
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