$OXY

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.

The article says Chevron (CVX) and Exxon Mobil (XOM) posted consecutive earnings beats and cites Q2 2026 adjusted EPS and revenue figures, while Occidental (OXY) also reported a strong EPS surprise. It links the bull case to Brent near $89, a 20-year Chevron power deal with Microsoft (2.67 GW), and LNG and buyback/deleveraging plans, outlining target prices of $225 (CVX), $180 (XOM), and $75 (OXY).

Corpus Christi City Council voted 6-2 to place the “Fair Water Amendment” on a November referendum ballot after a citizen petition. The measure would raise water rates for large industrial users by 70% below 30% reservoir capacity, 140% below 20%, and 280% during a declared emergency. ExxonMobil, Occidental Chemical, and Valero are cited; legal challenges are expected.

Corpus Christi City Council ordered a November referendum on the Fair Water Amendment, a citizen petition that would raise water fees for large industrial users during droughts. The proposal calls for 70% increases below 30% reservoir capacity, 140% below 20%, and 280% during a declared water emergency. It is expected to face legal challenges, including at Texas’ Public Utility Commission, where industry is seeking an $80 million refund.

Morning gains followed Brent crude rebounding to the mid-$80s after failing to stay below $80, with traders citing Strait of Hormuz geopolitical risk. Kpler data showed about a 33% drop in transit traffic, while Iran’s Parliament reviewed a bill to permanently ban hostile vessels. Oil-linked stocks including NESR, MUR, PUMP, OXY, and FANG rose.

The article links oil price risk to escalating attacks affecting Iran-related shipping and energy infrastructure. Yemen’s Transport Ministry reported deaths in a suspected Houthi attack on the Egyptian-owned Tihamah. U.S. CENTCOM said a U.S. helicopter struck a Panama-flagged vessel after it tried to bypass a blockade of Iranian ports. A drone hit a power station at Libya’s Zawiya oil export terminal. It also cites energy-sector deals involving Baker Hughes, CenterPoint Energy, Phillips 66, Kind

US stocks were mixed as higher WTI crude pushed up Treasury yields. The 10-year T-note yield rose to 4.690% and was pressured by inflation expectations and a $125B Treasury auction. Markets priced a 47% chance of a +25 bp Fed hike and an 87% chance of an ECB hike. Company movers included DDOG, PLTR, APA, HAL, and VREX after a $1.1B acquisition.

Markets were pressured as higher WTI crude lifted inflation expectations and pushed US 10-year T-note yields up to 4.680%. Treasury auctions of $125B in notes and bonds added supply pressure. Energy and cybersecurity stocks rose with crude, while several companies fell on guidance, downgrades, or offerings, including MNDY, TTD, INTC, and AAPL. VREX surged after Teledyne agreed to buy it for $1.1B.

The article says Berkshire Hathaway’s CEO Greg Abel, who started in January, coincided with Occidental Petroleum (OXY) shares rising about 36% since then, outperforming the S&P 500 and Chevron (CVX). It cites OXY’s quarter ended June 30, 2026 revenue up 57% and earnings up 20-fold, plus debt reduction after selling OxyChem for $9.7B.