Occidental Petroleum: Warren Buffett’s Energy Favorite Surges on Q2 Earnings Beat

Occidental Petroleum exceeded Q2 revenue and EPS expectations, reporting $6.88 billion in revenue and $1.03 EPS, driven by higher production in the Permian Basin and Gulf of Mexico. Following the announcement, retail sentiment soared, with Stocktwits users turning 'extremely bullish'.

The company, now 29% owned by Warren Buffett’s Berkshire Hathaway, also completed a $12 billion acquisition of CrownRock, expected to enhance its scale in the Midland Basin. Despite these strong results, some investors remain cautious about the stock's limited movement this year.

Although the company posted great quarterly results, their call options may erode in value unless some miracle occurs on the firm’s earnings call.