Overview
- Occidental Petroleum shares are up about 38% this year after a steep March gain drove most of the move.
- The company sold its OxyChem unit to Berkshire Hathaway for $9.7 billion and used $5.8 billion to cut debt to roughly $15 billion.
- WTI crude has jumped to about $100 a barrel, a move tied in reports to late‑February strikes involving the U.S., Israel, and Iran that disrupted trade near the Strait of Hormuz.
- Analysts have raised targets, with UBS moving to $67 with a Neutral view and Wells Fargo lifting to $72 with an Overweight rating.
- Occidental reported an oil find at its Bandit prospect in the Gulf of Mexico and said the discovery could link to nearby subsea infrastructure as it evaluates results.