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Why Occidental Petroleum’s Stock Is Soaring Today
Shares of oil giant Occidental Petroleum (NYSE: OXY) continue to soar 9.6% in morning trading Monday after Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) reported purchasing an additional 18.1 million shares last week, spending almost $1 billion on the stock. Buffett owns more than 10% of Occidental’s stock, and with no end in sight to higher oil and gas prices amid rampant inflation, the energy sector has been on fire. Energy stocks have been the best-performing sector in 2022, with exploration and production (E&P) plays like Occidental Petroleum far outperforming integrated oil and gas plays such as ExxonMobil and Chevron.
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