5 Best Value Stocks to Buy in 2026 According To Warren Buffett

3. Occidental Petroleum Corporation (NYSE:OXY)

Berkshire Hathaway’s Stake Value: $10,894,391,643

Forward P/E: 13.83

Occidental Petroleum Corporation (NYSE:OXY) reported its Q1 2026 earnings on May 6. During the earnings call, President, CEO, and Director Vicki Hollub announced that she would retire from her role as President and CEO on June 1. She also said the company’s board had approved Richard Jackson as her successor. Jackson, who currently serves as Senior Vice President and COO, said Occidental exceeded the upper end of its guidance in both the Oil and Gas and Midstream and Marketing segments during the first quarter. He added that the company produced 1.426 million barrels of oil equivalent per day during the period.

Speaking about the STRATOS project, Jackson said construction of Phase 2 had been completed. He noted that the company had identified an issue involving non-process components that was unrelated to the underlying technology. According to Jackson, Occidental is reviewing the repair timeline and assessing how the issue could affect the project’s operating schedule. Senior Vice President and CFO Sunil Mathew said the company generated adjusted earnings of $1.06 per diluted share during the first quarter, while reported earnings came in at $3.13 per diluted share. Mathew explained that the difference between the two figures was mainly due to gains tied to the OxyChem sale. He also stated that disruptions in the Middle East, along with strategic enhanced oil recovery actions, led Occidental to adjust the midpoint of its full-year production guidance to 1.44 million BOE per day.

At the same time, the company maintained its full-year capital spending outlook between $5.5 billion and $5.9 billion. Mathew added that strong performance so far in 2026 prompted Occidental to raise the midpoint of its full-year midstream guidance to $1.1 billion. That marked an increase of about $800 million from the guidance shared during the previous earnings call.

Occidental Petroleum Corporation (NYSE:OXY) is an international energy company with assets primarily located in the United States, the Middle East, and North Africa. The company produces oil and gas in the United States, including operations in the Permian Basin, DJ Basin, and the offshore Gulf of Mexico.