10 Best Natural Gas Stocks to Buy Right Now

6. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 62

Upsider Potential as of January 5: 17.63%

Occidental Petroleum Corporation (NYSE:OXY) is an independent exploration and production company with assets primarily in the United States, the Middle East, Africa, and Latin America.

Occidental Petroleum Corporation (NYSE:OXY) announced on January 2 that it had completed the sale of its chemical business, OxyChem, to Berkshire Hathaway for $9.7 billion in cash, subject to customary purchase price adjustments. First announced in October, the divestment is a strategic move by Occidental to reduce its debt load, which has ballooned especially since its $12 billion acquisition of CrownRock last year. While the deal will enable the energy operator to achieve its target of reducing its principal debt balance to below $15 billion, the absence of OxyChem will be keenly felt, as the segment contributed $595 million in pre-tax income in the first three quarters of 2025.

Vicki Hollub, President and CEO of Occidental Petroleum Corporation (NYSE:OXY), said the following regarding the sale in the company’s Q3 earnings call:

The sale of OxyChem is an important milestone in the strategic transformation of our company and will enable us to further strengthen our balance sheet, accelerate shareholder returns and unlock high-return opportunities across our core oil and gas business.

Other than debt reduction, Occidental Petroleum Corporation (NYSE:OXY) plans to use the proceeds to accelerate the development of its oil and gas portfolio by investing in its Permian unconventional assets, its Gulf of America waterfloods, and its Baqiyah gas and condensate discovery in Oman.

Berkshire Hathaway made a significant investment in Occidental Petroleum Corporation (NYSE:OXY) back in 2019 and has consistently increased its stake since then. The conglomerate now owns nearly 265 million shares, representing 27% of OXY’s outstanding shares.