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OXY - I Wouldn't Buy Occidental Even If Oil Prices Recover
Occidental Petroleum Corporation
Occidental Petroleum (OXY) has been in trouble for a while now. Since its careless $38 billion acquisition of Anadarko in 2019 - a move that only strengthened its competitor Chevron (CVX) and confirmed Warren Buffett's investing acumen - the company has been on the decline struggling with immense debt. The downturn in oil prices, though, has exacerbated all of these existing issues, much more so than many of its big oil competitors, and sent management scrambling. Even with a large hedge position that gave it a $1 billion boost, it recorded an ugly