12 Best Crude Oil Stocks To Buy According to Hedge Funds

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7. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 59

A leading producer and one of the largest acreage holders in the Permian Basin, Occidental Petroleum Corporation (NYSE:OXY) boasts some of the lowest-cost, longest-life production assets in the US, allowing the company to stay cash flow positive even with crude oil prices in the low $30s per barrel.

Occidental Petroleum Corporation (NYSE:OXY) has fallen by over 8% since the beginning of the year, with investors concerned about the company’s ballooning debt, especially after its $12 billion acquisition of CrownRock in August last year. However, Occidental revealed in May that it had already repaid a total of $6.8 billion in the previous 10 months, reducing its annual interest expense by $370 million.

In fact, the company has already repaid all of its debt maturing in 2025 and has only $284 million maturing over the next 14 months, which should be easy to cover given the company generated $1.2 billion of free cash flow in Q1 2025.

Occidental Petroleum Corporation (NYSE:OXY) also stands out as it is backed by Warren Buffett himself, with Berkshire Hathaway owning a 28.2% stake in the company.

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

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