Warren Buffett’s favorite oil and gas pick for 2022 has turned many heads with its latest results. Occidental Petroleum (NYSE: OXY) posted second-quarter earnings of $3.16 per share, outpacing analyst estimates by 13 cents and much better than Q2FY21's earnings of $2.12 per share. Furthermore, the company even paid back $4.8 billion of debt and activated its share buyback program in the quarter. Happy with the progress on debt reduction, President and CEO, Vicki Hollub, said, “Our ongoing efforts to improve the balance sheet remain in place, but we are pleased that our deleveraging progress has reached a stage where our focus can expand to additional cash flow priorities.
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Occidental Petroleum (NYSE:OXY)
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