Occidental Petroleum (NYSE: OXY) is known for being a top portfolio holding of Warren Buffett's Berkshire Hathaway. But investors who have been paying attention to the oil patch for a while may also know it as one of the more aggressive exploration and production (E) companies in the U.S.

CEO Vicki Hollub has a reputation for fearlessly targeting acquisitions and ramping up fossil fuel production. Oxy outbid Chevron (NYSE: CVX) in 2019 to acquire Anadarko Petroleum, a move that initially backfired on it when oil and gas prices crashed in 2020. It took years for Oxy to restore order to its balance sheet. But it didn't take long for it to go for another big play: In December, it announced its plan to acquire privately held CrownRock for $12 billion.

Here's what you need to know about Oxy's fourth quarter and full-year 2023 results, its balance sheet, its recent 22% dividend increase, and whether the dividend stock is worth buying now.

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Source Fool.com