$OXY

Citigroup raised its price target for Occidental Petroleum (OXY) to $65 from $60. Jefferies also adjusted its target to $57 from $56. The changes reflect analysts' updated views on the company's valuation and earnings potential.

The Wall Street Journal reported Iran's alleged plans to escalate war, coinciding with a US-Iran memorandum's expiration. Oil stocks like XOM and OXY are up 35% and 43% YTD, but XOM is flagged as 13% overvalued. Tanker stocks FRO and DHT surged 103% and 70% YTD due to Hormuz rerouting. Despite a 90% drop in Strait of Hormuz shipping, oil prices showed muted reaction.

US debt hit $40 trillion, with Treasury announcing doubled buybacks. 30-year yield fell briefly but remains above 5%. Berkshire Hathaway, led by Greg Abel, is investing in businesses like American Express, Coca-Cola, and Occidental Petroleum, avoiding bonds. AXP, KO, and OXY are key holdings with growth and risks noted.

Enverus released its 1Q 2026 rankings of top U.S. land drilling contractors and customers. Helmerich & Payne led drillers with 15.8M feet, while Exxon topped customers with 5.4M feet. Key metrics included footage, well count, and rig count.

Occidental Petroleum (OXY) plans to drill its first exploration well in Peru's offshore Block Z-62 in 2027, following a $40M seismic survey. The project, with partners Chevron and Westlawn, could yield 150,000-200,000 barrels per day if successful, potentially reducing Peru's hydrocarbon imports.

Enverus released rankings using first-quarter 2026 data. Helmerich & Payne led U.S. land drilling contractors with 15.85M ft across 776 wells; Patterson-UTI was second (9.51M ft, 442 wells). ExxonMobil led operators with 5.44M ft across 229 wells; EOG Resources was second (3.39M ft). Enverus said results are point-in-time and based on multiple drilling metrics.

Bloomberg reports U.S. shale operators are cutting spending despite higher international oil prices to reduce debt and increase shareholder returns. Chevron and ConocoPhillips cut first-half spending 10%, and Occidental reduced Permian operations by up to a fifth. IEA projects a 1.8 million bpd global deficit; EIA shows May U.S. crude output at 13.714 million bpd.

The Wall Street Journal, citing Arab and Iranian sources, says hardliners in Iran treated a June US-Iran memorandum as preparation for future conflict and increased IRGC authority, missile and UAV production, and senior appointments. Kpler data cited by Reuters and CNBC shows Strait of Hormuz transits fell sharply. Oil prices were little changed, while XOM, OXY, FRO, and DHT have risen YTD; XOM CEO cited about 10% upstream production loss.

Investing.com reports Berkshire Hathaway expanded its Alphabet stake in Q2, adding tens of millions of shares, lifting Class C to over 27 million and Class A to nearly 79 million, based on its latest 13F. It trimmed Bank of America by more than 30 million shares and reduced Capital One and Ally. Berkshire also added Delta and Macy’s, exited Constellation Brands, and increased Lennar and started DR Horton.

Occidental Petroleum (NYSE:OXY) was held by 78 hedge funds in Q1 2026, with cumulative stakes near $20.8B, up from 67 funds and about $12B in Q4. OXY reported a strong Q2 Aug 5, beating expectations and posting its highest quarterly profit since 2022. The company cut principal debt to $11.8B, targeting $10B, and expects free cash flow growth of over $1.2B in 2026. Analysts at Susquehanna raised its price target to $70 from $67.