While crude oil prices (CL=F, BZ=F) get buoyed slightly higher Wednesday morning, energy giant Occidental Petroleum (OXY) reported mixed fourth quarter earnings results: beating adjusted earnings estimates with $0.80 per share while revenue of $6.84 billion fell short of expectations.
"All you have to do is look at OPEC+ and see what they've been doing over the last several months, which is continually pushing back the start of the unwinding of the 2.2 million barrels a day of voluntary production cuts," CFRA Research Energy Equity Analyst and Deputy Research Director Stewart Glickman cites as one major challenge for the oil and gas (RB=F) driller.
Glickman goes on to tell Brad Smith and Madison Mills about the state of global oil demand and what it all means for Occidental.
Warren Buffett's Berkshire Hathaway (BRK-B, BRK-A) has recently increased its stake in the oil giant, while also disclosing a stake beer and alcohol maker Constellation Brands (STZ).
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This post was written by Luke Carberry Mogan.