Occidental Petroleum (NYSE: OXY) is one of the most popular oil stocks these days. Warren Buffett has a lot to do with that. His company, Berkshire Hathaway, has been buying shares of the oil giant hand over fist and now owns over a quarter of its outstanding stock.

Another big driver of Occidental Petroleum's popularity is its leading position in the prolific Permian Basin. However, it's not the only oil stock focused on that oil-rich region. Rival Diamondback Energy (NASDAQ: FANG) has quietly built up an impressive position in the Permian. That's one of the many reasons investors who are interested in Occidental should check out its regional rival.

Occidental Petroleum is the leading oil and gas producer in the prolific Permian. Last year, it produced 584,000 barrels of oil equivalent (BOE/d) from the region where it holds a massive 2.8 million net acres. That enormous land position gives it a large, untapped resource to grow its production in the future.

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Source Fool.com