Occidental Petroleum (OXY) is a solid long-term choice, especially for an investor who wants to participate in the US Oil & Gas Shale segment, particularly in the Permian Basin.
Occidental Petroleum’s 3Q’18 total revenues and other were $6,176 million, up 49.6% from a year ago and up 33.2% sequentially. Excellent quarter which beat expectations.
Total output was 681K Boep/d in 3Q’18. The US operations accounted for a little less than 56.4% of the company’s total production. OXY’s Permian Resources production grew 62% year-on-year.
The stock is a hold, and I believe OXY may eventually weaken more due to the bearish trend that has plagued the oil sector. I recommend buying OXY at $66.5.
Occidental Petroleum is a US-based energy company, specializing mainly in crude oil, natural gas exploration, and production. However, the company’s business operations also include chemical, manufacturing, and marketing.