Why Shares of Occidental Petroleum Were Up Over 2% Today

Shares of integrated oil company Occidental Petroleum (NYSE: OXY) were up 2.3% today as of 4 p.m. ET. Oil and energy companies in general were on the rise today as fossil fuel prices stayed strong, while stocks overall struggled for direction. The S&P 500 index was down 0.3% as of market close.

There was no news today to cause Occidental's jump higher, but shares are rallying after pulling back from multiyear highs reached in early June. Occidental has doubled in price so far this year.

Much of the excitement surrounding the company has to do with none other than Warren Buffett. Occidental secured funding from Buffett's Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) for the acquisition of Anadarko Petroleum back in 2019, a deal that yielded Buffett and company favorable terms to purchase OXY stock. Since then, Berkshire has been adding to its position. In a filing last week, the investment conglomerate reported it now owns over 16% of Occidental.

Source Fool.com