Warren Buffett has been purchasing Occidental Petroleum (OXY) stock ( NYSE:OXY ) like crazy lately. Berkshire Hathaway (BRK.A ) (BRK.B) just purchased another 5.99 million shares, increasing its holding to 20.9%. In late September, Buffett used the recent drop in oil prices and the OXY stock ( NYSE:OXY ) to expand Berkshire’s stake in one of its top ten holdings.
Because of the potentially large market opportunity, the firm is continuing to take steps to capitalize on the opportunities it sees ahead. This method might provide the gasoline for OXY stock ( NYSE:OXY ) to provide huge profits for Buffett in the future years.
Securing another prospective collaboration
Occidental Petroleum has been forming alliances with companies to explore a broad range of CCS prospects . Its most recent agreement is with Western Midstream Partners (WES), a master limited partnership (MLP) that it used to own. The parties agreed to investigate possibilities to develop and supply low-carbon intensity oil and gas products in a letter of intent.
Occidental is to investigate the installation of carbon capture facilities on its upstream oil and gas operations in the Texas, Delaware, and Colorado DJ Basins. Meanwhile, Western Midstream plans to investigate the installation of carbon capture systems on its natural gas plants and other large collection and treatment facilities.
This collaboration can potentially cut Occidental Petroleum’s emissions from oil and gas...
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