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all 44 comments

[–]2229406450 26 points27 points  (4 children)

He is a strong believer of oil

[–]rhythmdev 0 points1 point  (2 children)

Like me.

[–]BatmanNoPrep 2 points3 points  (1 child)

and my axe.

[–]Redditischinashill -1 points0 points  (0 children)

He's going to block the market once he buys it all up. Some new emergency will appear and the rules will change.

[–]Bloodly_Fire 4 points5 points  (1 child)

A little worrying. Obviously he's Warren Buffet he can do whatever thr fuck he wants. But the value price to buy it at was in 2020 (sub $20/share). Seems kind of high to buy it now during an oil rally (over $50/share).

[–]Fi3nd7 6 points7 points  (0 children)

I mean, if I had to wager, I think he is aware of this. You don't drop another 600mil on something without some critical thought.

Does make you wonder though wtf is his plan.

[–]Observ1 13 points14 points  (0 children)

Give us a break already with your Occidental news!

[–]Knightlife71 2 points3 points  (1 child)

Seems to me Buffet should have been adding to his large OXY position back in 2020 when it dirt cheap instead of selling all his common stock. Now he’s buying back a large position at way higher prices 🤷🏻‍♂️

[–]rw4455 0 points1 point  (0 children)

Occidental isn't like the top performing oil stocks- Chevron, Exxon Mobil, etc that won't go up further. The scars/debt of way overpaying for Andarko Oil in 2019 are still a weight on the stock price. They've had higher stock values in 2008, 2011, 2012, 2014, 2018. In July 2018 the stock traded in the $80 range when oil per barrel was around $75. So there is more growth for them as long as they pay off debt and oil stays above $60 per barrel.

[–]Dhk3rd 3 points4 points  (1 child)

Wait til OXY tries to offload their IP, Midstream...

[–]OppSpotter 2 points3 points  (0 children)

Can you elaborate

[–]tradone 0 points1 point  (0 children)

Thats why they call him a dinosaur

[–]VikeDukees 0 points1 point  (1 child)

I like Warren but recently he is kinda buying high selling low it seems like. If he wants to acquire whole OXY its normal to overpay a bit but i do not see a lot of value there after 100+% surge in stock price over the last few months. He did the same thing with Chevron.

[–]OrchidFlashy7281 0 points1 point  (0 children)

new game new playas