10 Best Gas Stocks to Buy According to Billionaires

6. Occidental Petroleum Corporation (NYSE:OXY)

Number of Billionaire Investors: 14

Number of Hedge Fund Holders: 68

Occidental Petroleum Corporation (NYSE:OXY) is an international energy company that produces oil and gas. The company’s assets are primarily located in the US, the Middle East, and North Africa. It is a leading oil and gas producer in the Permian and DJ basins and offshore Gulf of America. Occidental Petroleum Corporation (NYSE:OXY) ranks among the best gas stocks to buy according to billionaires.

On March 13, JPMorgan reduced the firm’s price target on Occidental Petroleum (NYSE:OXY) from $59 to $52 and maintained a “Neutral” rating. The adjustment followed an updated analysis of exploration and production models and after considering factors like 2025 producer capex budgets, revised winter weather data, and stronger-than-expected liquefied natural gas (LNG) demand-pull. JPMorgan cautioned that a combination of record US oil supply, the return of OPEC+ oil barrels to markets in April 2025, and global trade risks related to tariffs could push oil prices lower and that could potentially force higher-cost producers out of the market.

Interestingly, Occidental Petroleum Corporation (NYSE:OXY) is actively looking to reduce costs and improve efficiency by replacing higher-cost production with more volume of lower-cost reserves. The company has identified scale efficiencies and design improvements that will help save over $1 million per well in its Midland Basin Program through better drilling and completion methods. In 2025, Occidental Petroleum Corporation (NYSE:OXY) expects a 10% faster time to market and a 7% reduction in well costs, which would represent a 15% improvement compared to 2023.