5 Biggest Oil Companies in Texas

4. Occidental Petroleum (NYSE:OXY)

Revenue in 2022: $36.6 billion
Number of Hedge Fund Holders: 71

Houston-based; Occidental Petroleum (NYSE:OXY) is one of the biggest oil companies in Texas. It controls about 2.9 million net acres in the Permian basin and New Mexico. Occidental Petroleum (NYSE:OXY) expects to produce about 560,000 to 590,000 barrels of oil a day in 2023, having allocated $2.3 to $2.6 billion for capital expenditure in the Permian basin.

Here is what Smead Capital Management had to say about Occidental Petroleum Corporation in its Q3 2022 investor letter:

“Our top-performing stocks in the quarter includes Occidental Petroleum (NYSE:OXY). Oil and gas have been the best game in the stock market town this year and it was a pleasant surprise to see home builders pick up even with dour news on interest rates and the economy. For the first three quarters of the year, we should change the name of our fund to the Jed Clampett Fund. Occidental Petroleum (NYSE:OXY), was one of the standouts. Up through the bear market came a “bubblin’ crude!”