Billionaire’s 15 Favorite Oil and Gas Stocks Right Now

7. Occidental Petroleum Corporation (NYSE:OXY)

Number of Billionaire Holders: 14

Occidental Petroleum Corporation (NYSE:OXY) is one of the largest oil and gas producers in the United States,  including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. With a position of approximately 2.8 million net acres, the company’s combined Permian Basin portfolio of conventional and unconventional acreage differentiates it from its competitors.

Occidental Petroleum Corporation (NYSE:OXY) delivered its best quarterly output in three years in Q4 2024, producing an average of nearly 1.5 million boed, led by strong growth in the Permian Basin and Rockies region. The company’s EPS of $0.8 was also above market expectations by $0.13. OXY outperformed across all three segments in 2024, generating $4.9 billion of free cash flow and enabling it to achieve its near-term debt repayment target of $4.5 billion seven months ahead of schedule. The company also paid approximately $800 million of common dividends during the year. The oil and gas producer raised its quarterly dividend by 9.1% to $0.24 per share last month.

Shares of Occidental Petroleum Corporation (NYSE:OXY) were held by 68 hedge funds at the end of Q4 2024, with Warren Buffett’s Berkshire Hathaway being the largest shareholder. Berkshire’s stake in the oil and gas producer is worth over $13 billion, enough to rank Occidental as the sixth-largest holding in the firm’s portfolio.