OXY · Occidental Petroleum
Occidental Petroleum in 2022: Berkshire's purchases and debt repaid
2022 · +119% in the calendar year
For scale: buying every US stock breakout from 2018 to 2026 with no selection returned a median −22.6% a year later, measured on the 14,674 with a full twelve months of data. How it was measured
On 24 February 2022 Occidental Petroleum reported fourth-quarter 2021 results: diluted earnings of $1.37 a share and more than $6.7 billion of debt repaid during 2021. Berkshire Hathaway already held $10 billion of Occidental's 8% preferred stock. Between 2 and 4 March, Berkshire bought more than 61 million common shares at $47.07 to $56.45, taking its holding to 91.2 million shares, about $5.1 billion. CNBC reported the stock up 18% on 4 March and 45% for the week.
Second-quarter 2022 earnings reached $3.47 a share. In 2022 Occidental repaid more than $10.5 billion of debt and completed a $3.0 billion buyback that retired 47.7 million shares. The stock's return was +119% in calendar 2022. In February 2023 the company raised its quarterly dividend 38% to $0.18. Quarterly earnings fell in each period after that second quarter: $2.52 a share in the third, $1.74 in the fourth, then $1.00 and $0.63 in the first two quarters of 2023.
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Sources: Occidental, Q4 2021 results, 24 Feb 2022 · CNBC, 5 Mar 2022 · Occidental, Q4 2022 results, 27 Feb 2023 · stockanalysis.com, OXY quarterly income statements. Price figures are split-adjusted, not dividend-adjusted.
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