5 Best Crude Oil Stocks To Buy As Tensions Rise

2. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 73

Occidental Petroleum Corporation (NYSE:OXY) is an American company that specializes in hydrocarbon exploration within the United States and the Middle East. Additionally, the company is involved in petrochemical manufacturing activities across several locations, including the United States, Canada, and Chile. Organized in Delaware, Occidental Petroleum Corporation (NYSE:OXY) has its headquarters situated in Houston.

In August, Occidental Petroleum Corporation (NYSE:OXY) made a $1.1 billion deal to acquire Carbon Engineering Ltd, a technology supplier. This strategic move is part of Occidental’s plan to establish a series of carbon-capture facilities with the goal of addressing climate change and generating revenue. The company has ambitious plans to construct approximately 100 plants employing direct air capture (DAC) technology, which removes carbon dioxide (CO2) directly from the atmosphere, and the captured CO2 can then be stored underground or used in various applications, including the production of concrete and aviation fuel.

A total of 73 hedge funds out of the 910 hedge funds tracked by Insider Monkey had stakes in Occidental Petroleum. The biggest stakeholder of the company was Warren Buffett’s Berkshire Hathaway which had a $13.2 billion stake in the company.