3 Reasons to Buy Occidental Petroleum (and Warren Buffett Isn't 1 of Them) [Yahoo! Finance]
Berkshire Hathaway Inc. New (BRK.B)
Last berkshire hathaway inc. new earnings: 11/2 07:00 am
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Source: Yahoo! Finance
His company, Berkshire Hathaway , has been buying the oil stock hand over fist. It currently owns 28% of Occidental's outstanding shares. Many investors will likely buy Occidental to follow Buffett, especially since he considers it a potential " forever " holding. Here are three other reasons to buy the oil stock that are even more important than the fact Buffett owns shares 1. Close to closing a needle-moving acquisition Last December, Occidental Petroleum agreed to buy CrownRock for $12 billion in cash and stock. The acquisition will enhance its already strong position in the Permian Basin. The company had hoped to close that deal in the first quarter. However, regulatory delays will likely push the closing into the second half of the year The acquisition should really move the needle for Occidental. The company anticipates that it will add $1 billion to its annual free cash flow within the first year. That assumes oil averages $70 per barrel (its price point around the time
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