This Top Warren Buffett Stock Is Making a $1.1 Billion Bet to Capture a Potentially Massive Opportunity (and Maybe Save the Planet in the Process)
Occidental Petroleum (NYSE: OXY) believes carbon-capture utilization and sequestration (CCUS) could be a game changer. This technology could play a crucial role in reducing carbon emissions, which gives it the potential to become a multitrillion-dollar market.
That's leading the oil company, which is one of the top holdings of Warren Buffett's Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), to make a bold move to enhance its ability to capitalize on this potentially massive opportunity. It's spending $1.1 billion to acquire climate solutions company Carbon Engineering. Here's a look at the deal and why Occidental Petroleum is betting big on CCUS.
Occidental Petroleum has agreed to acquire Carbon Engineering for $1.1 billion in cash. The climate solutions company focuses on developing large-scale technology that can capture carbon dioxide from the air, known as direct air capture (DAC). Companies can use the captured greenhouse gas to make clean transportation fuels or store it underground.
Source Fool.com
Occidental Petroleum Corp. Stock
With 15 Buy predictions and only 2 Sell predictions the community sentiment for the stock is positive.
With a target price of 69 € there is a positive potential of 29.0% for Occidental Petroleum Corp. compared to the current price of 53.49 €.
