Like many in the sector, this oil and gas stock has drifted from its 2022 highs, including a sharp +25% drop in April due to falling oil prices triggered by trade tensions. The sell-off was amplified by its debt-heavy balance sheet and lack of hedging—a great time for Berkshire to increase its stake, assuming OXY turns around. The company delivered solid 1Q 2025 earnings in May, but the 14% beat on the EPS level wasn’t enough to get the market excited, with focus remaining on the underlying price of oil and gas – as a rule, MM tends to avoid stocks that cannot react positively to good news.
- We can see OXY testing new 2025 highs into Christmas, but it’s unlikely to find itself in our International Equities Portfolio.
MM is cautiously bullish on OXY
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