Like Occidental Petroleum? You Should Check Out This Oil Stock.

Occidental Petroleum (NYSE: OXY) is one of the more popular oil stocks these days. Warren Buffett likely has something to do with that. His company, Berkshire Hathaway, owns over 27% of its outstanding stock. One of the factors that has probably drawn Buffett to Occidental Petroleum is its premier position in the Permian Basin. However, it's not the only oil stock with a foothold in that world-class oil field. Diamondback Energy (NASDAQ: FANG) is a leader in the region, and those who like Occidental should check it out.Occidental Petroleum is one of the largest producers in the Permian Basin, where it controls about 2.8 million net acres of land. It recently strengthened its position through its $12 billion acquisition of CrownRock. The deal added over 94,000 net acres with about 1,700 undeveloped low-cost drilling locations. That boosted Occidental's inventory of sub-$40-per-barrel breakeven locations by 33%. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool