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OXY-OCCIDENTAL PETROLEUM CORP

Occidental Petroleum Expands Joint Venture with Ecopetrol while Gaining Investor Support from Berkshire Hathaway

Monday

17 February, 2025

Occidental Petroleum is making waves in the energy sector with a major expansion in its joint venture with Ecopetrol, planning to drill 34 new wells and invest $885 million. With Warren Buffett's Berkshire Hathaway boosting its stake, can this strategic move sustain momentum amid market volatility?

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Article Impact Score

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Key Takeaways
  • Occidental Petroleum is expanding its operations in the Rodeo Midland Basin through a partnership with Ecopetrol.
  • The company plans to drill 34 new wells with a significant investment of $885 million.
  • Recent stock performance shows a 16% increase, indicating market resilience.
  • Berkshire Hathaway's increased stake in Occidental highlights institutional confidence in the company's future.
  • Overall, Occidental presents a strong opportunity for investors interested in the energy market.
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