12 Best Gas Stocks To Buy According to Hedge Funds

3. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 71

Occidental Petroleum Corporation (NYSE:OXY) is a major international energy company with operations primarily in the United States, the Middle East, and North Africa. It ranks among the largest oil and gas producers in the US, especially known for its significant presence in the Permian and DJ basins, as well as offshore in the Gulf of Mexico.

In August 2024, Occidental Petroleum Corporation (NYSE:OXY) completed its acquisition of CrownRock, enhancing its assets in the Midland Basin. This acquisition adds valuable development-ready inventory to the corporation’s already strong portfolio, which helps reduce production costs and increase efficiency.

For the third quarter of 2024, Occidental Petroleum Corporation (NYSE:OXY) reported total production of 1,412 thousand barrels of oil equivalent per day (Mboed), surpassing guidance by 22 Mboed. The Permian Basin was a standout performer, contributing an average of 729 Mboed. This success is attributed to strong performance from new wells and improved operational uptime. Occidental Petroleum Corporation (NYSE:OXY) also demonstrated impressive drilling efficiency, achieving a 10% reduction in Permian drilling cycle times compared to the previous year. In the DJ Basin, the corporation successfully drilled a two-mile lateral well in just 80 hours and reduced well costs by 20% compared to earlier this year.

Occidental Petroleum Corporation (NYSE:OXY) is one of the best gas stocks to buy according to hedge funds. With a commitment to operational excellence and strategic acquisitions, combined with a focus on reducing costs, Occidental Petroleum Corporation (NYSE:OXY) is well-positioned for future growth.