8 Best Crude Oil Stocks To Buy Right Now

2. Occidental Petroleum Corporation (NYSE:OXY) 

Number of Hedge Fund Holders: 71

Occidental Petroleum Corporation (NYSE:OXY) is a global energy company with operations in crude oil exploration, production, and marketing. The company has a strong presence in the U.S., the Middle East, and Latin America. Occidental Petroleum Corporation (NYSE:OXY) is a key supplier of crude oil to refineries and industrial sectors.

In Q3, Occidental Petroleum Corporation (NYSE:OXY) reported $964 million in net income and $3.8 billion in operating cash flow, exceeding estimates. The company’s production hit 1,412 Mboed, exceeding expectations by 22 Mboed, with the Permian Basin leading the charge. Additionally, Occidental Petroleum Corporation (NYSE:OXY) reported a substantial reduction in debt, paying off $4 billion and achieving nearly 90% of its short-term $4.5 billion debt reduction target just two months after completing the CrownRock acquisition.

Occidental Petroleum Corporation (NYSE:OXY) plans to maintain a five-rig program within its CrownRock assets through 2025, aiming for mid-single-digit production growth. The company also seeks to preserve flexibility in capital expenditures across its broader U.S. onshore portfolio, adapting to changes in commodity prices. With the addition of CrownRock assets and robust performance from new wells in the Permian Basin, Occidental Petroleum Corporation (NYSE:OXY) expects to achieve a production level of 1,450 thousand barrels of oil equivalent per day (Mboe/d) in the fourth quarter.