Occidental Petroleum: Buffett’s增持 price has come again—will you follow?

After Occidental Petroleum’s stock had declined for two consecutive months, Warren Buffett acquired an additional 4.31 million shares over the past two weeks, spending approximately $260 million at an average purchase price of around $60 per share. Following these two purchases, Berkshire Hathaway now holds roughly 28.4% of Occidental Petroleum’s total shares. Since Buffett’s large-scale acquisition of Occidental Petroleum in 2022, he has consistently stepped in to buy more shares whenever the stock price fell below $60. With Buffett—the largest buyer—providing such strong support, Occidental’s share price has rarely dipped below $55 over the past two years. However, since last year, oil prices have underperformed relative to 2022 levels, and Occidental’s stock peaked near $70 before entering a sideways trading range between $60 and $70. For Buffett, a high-quality company whose stock rises slowly offers him ample opportunity to accumulate sufficient shares—a favorable scenario. Yet for investors attempting to mimic his moves, two years of consolidation have eroded many traders’ patience. So, at $60 per share, is Occidental Petroleum truly worth buying now? I. Buffett’s Historical Ties with Occidental Petroleum Reviewing Buffett’s rationale for investing in Occidental, one finds that over the past two years, he first established an initial position at $40 per share, followed by subsequent purchases concentrated in the $55–$60 range. His repeated acquisitions at similar price levels trace back to Berkshire’s involvement in a financing deal for Occidental in 2019. In April 2019, Occidental and Chevron were locked in a bidding war for Anadarko Petroleum (Chevron itself is also one of Buffett’s major holdings). Chevron offered $33 billion and secured an investment agreement with Anadarko first. Subsequently, Occidental’s CEO appealed to Buffett for assistance—and received $10 billion in acquisition financing. With Buffett’s backing, Occidental raised its bid to $38 billion and ultimately succeeded in acquiring Anadarko. In exchange, Berkshire received $10 billion in Occidental preferred stock yielding 8%, plus warrants to purchase 80 million common shares at an exercise price of $62.50 per share. This implied Buffett viewed Occidental’s intrinsic value as exceeding $62.50 per share—roughly aligned with its market price at the time, which traded at a P/E ratio of 11x and a P/B ratio of 2.2x. In interviews, Buffett stated the warrant agreement represented a bet on long-term oil price appreciation. The 8% dividend on the preferred shares, combined with Occidental’s then-existing 5–6% common stock dividend yield, provided Buffett with substantial downside protection. Although Occidental won the acquisition battle, minority shareholders voiced concerns about the heavy debt burden it incurred ($13 billion in notes + $10 billion in preferred stock + $8.8 billion in loans), while the company held only $3.5 billion in cash on its balance sheet in 2019. Owing to these debt concerns, minority shareholders deemed the acquisition unwise and began selling their shares. From April 2019 to early 2020, Occidental’s stock plunged nearly 30%. Buffett, however, viewed this as an overreaction and steadily accumulated shares during the decline, eventually holding approximately 19 million shares. What Buffett did not anticipate was the global pandemic outbreak in 2020, which sent oil prices into negative territory and pushed Occidental to the brink of bankruptcy. Buffett exited his entire Occidental position at the bottom, suffering a loss of nearly 70%—a total loss of $550 million. From a financial performance standpoint, Occidental reported a net loss of $14.8 billion in 2020, and its stock price plummeted from $40 to $10.

FF suspends delisting concerns: Stock rebounds above $1; Jia Yueting vows to generate revenue and build cars as soon as possible

LeiDi Network, Lei Jianping — May 19 Just as Faraday Future (FF) faced imminent delisting from the Nasdaq, founder Jia Yueting’s fortunes took an unexpected turn for the better. Recently, the U.S. announced plans to impose additional tariffs on a range of Chinese goods—including electric vehicles, computer chips, and medical supplies. Specifically, tariffs on Chinese EVs will rise from the current 25% to 100%. Upon news of the tariff hike, FF seized the opportunity as a lifeline, triggering multi-day rallies. On Thursday, FF’s stock surged 134%, closing at $1.65 per share, lifting its market capitalization to $70.41 million. Over five trading days, its share price soared 3,964%. By Friday’s close, the stock retreated slightly to $1.03, yet its market cap remained at $43.95 million. Prior to this rally, FF had already received a notice from the Nasdaq Exchange indicating its impending delisting due to noncompliance with Nasdaq listing rules. The Nasdaq stated that FF failed to meet Listing Rule 5810(c)(3)(A)(iii), as its securities closed at $0.10 or lower for ten consecutive trading days. Consequently, Nasdaq staff determined to delist FF’s securities from the Nasdaq Capital Market. With its share price now rebounding above $1, FF has temporarily alleviated its delisting risk. Jia Yueting promptly capitalized on the momentum, marketing FF as uniquely positioned as a bridge between China’s and America’s automotive industries—and highlighting its distinctive value proposition. Jia declared: “More and more people are recognizing FF’s unparalleled role as a bridge linking China’s and America’s auto industries, along with its many unique values. My personal brand and I are continuously striving to build bridges of friendship and economic cooperation between China and the U.S. We are currently in discussions with partners regarding our China-U.S. automotive bridge strategy. Within full compliance with relevant U.S. laws and regulations, FF can help Chinese automakers and their supply chains rapidly enter the U.S. market—reducing trial-and-error costs and shortening time-to-market. We sincerely hope to collaborate with Chinese automakers.” FF Remains Jia Yueting’s Sole Companion Mention FF, and Jia Yueting inevitably comes up. In November 2016, the LeEco ecosystem crisis erupted. In July 2017, Jia left China for the U.S., never returning since—making ‘Jia Yueting’s return next week’ a widely recognized internet meme. A key obstacle preventing Jia’s return has been the crushing debt burden left behind by LeEco’s collapse—casting a long shadow over FF’s development. In September 2019, Jia stepped down as FF’s CEO and assumed the role of Chief Product & User Officer (CPUO). Dr. Carsten Breitfeld was appointed Global CEO. In July 2020, Jia’s personal bankruptcy restructuring became effective, and the creditor trust was formally established and commenced operations. At the time, Jia remarked: “My life is restarting. I am working like an entrepreneur, and building a startup like an employee. Making FF successful is my solemn commitment—together with all FF partners—to everyone who has supported, trusted, and understood me: creditors, shareholders, investors, and LeTV.net investors. I’m deeply grateful for your support, enabling me to finally ‘embark’ on the road home.” In April 2021, China’s Securities Regulatory Commission issued a market ban order against Jia Yueting, Yang Lijie, and three other responsible parties, imposing lifetime bans from China’s securities market on both Jia and Yang.

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FutureFuel Director Pamela Butcher purchased 10,000 shares, increasing her stake by 200%, while the company reported a quarterly loss of $0.19 per share on $104.67 million revenue.

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