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Could Buying Occidental Petroleum Stock Today Set You Up for Life?
Occidental Petroleum (NYSE: OXY) has big aspirations. In fact, the defining features of the energy company today are centered around management's long-term goals. That is true on both the positive side and the negative. Oxy, as the company is more commonly known, could possibly set you up for life, but you should understand what you are getting into when you buy it.In 2019, integrated energy giant Chevron agreed to buy U.S. onshore driller Anadarko Petroleum. The deal made a lot of sense for Chevron, since it would materially expand the company's position in a key U.S. oil production region. Oxy had other ideas, stepping in and starting a bidding war with Chevron. In the end, Oxy won out, with a little assist from Warren Buffett and Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), which helped fund Oxy's superior offer.Image source: Getty Images.Continue reading
Occidental Petroleum (NYSE: OXY) has big aspirations. In fact, the defining features of the energy company today are centered around management's long-term goals. That is true on both the positive side and the negative. Oxy, as the company is more commonly known, could possibly set you up for life, but you should understand what you are getting into when you buy it.
In 2019, integrated energy giant Chevron agreed to buy U.S. onshore driller Anadarko Petroleum. The deal made a lot of sense for Chevron, since it would materially expand the company's position in a key U.S. oil production region. Oxy had other ideas, stepping in and starting a bidding war with Chevron. In the end, Oxy won out, with a little assist from Warren Buffett and Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), which helped fund Oxy's superior offer.
Image source: Getty Images.
