Shares of large-cap oil and gas companies, including Warren Buffett holdings Chevron (NYSE: CVX) and Occidental Petroleum (NYSE: OXY), along with shale pure-play Devon Energy (NYSE: DVN), were up strongly on the week, rising 12.4%, 14.7%, and 20.1%, respectively, through Thursday. After oil stocks fell in September on mounting recession worries, OPEC+ surprised the markets this week with a larger-than-expected coordinated production cut. On Wednesday, members of OPEC+ agreed to a 2 million barrel-per-day production cut, which was larger than expected and in defiance of U.S. calls to continue producing amid global inflation challenges.
HOUSTON, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) will announce its third quarter 2022 financial results after close of market on Tuesday, November 8, 2022, and will hold a conference call to discuss results on Wednesday, November 9, 2022, at 1 p.m. Eastern/12 p.m. Central. The conference call may be accessed by calling 1-866-871-6512 (international callers dial 1-412-317-5417) or via webcast at oxy.com/investors. Participants may pre-register for the conference call at https://d
Warren Buffett has been making a bold bet on oil prices over the past year. While oil prices have cooled off on fears that we're about to enter a global recession, that slump has reversed recently thanks to OPEC.