Buffett Bets Big on Occidental, Seeing Oil's Future in Carbon Capture
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Warren Buffett has aggressively bought shares of Occidental Petroleum (OXY), making it Berkshire Hathaway's 6th largest holding. This could be his shrewdest bet since investing billions in Apple.
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Buffett believes oil demand will remain strong, disagreeing with the view that renewables will quickly replace fossil fuels.
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Occidental is betting on direct air capture (DAC) technology to suck CO2 out of the air and store it, giving oil production a sustainable future.
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Buffett praised Occidental's CEO and appears fully on board with the company's DAC focus.
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Berkshire won approval to buy up to 50% of Occidental, and Buffett's aggressive buying will likely continue. This could be his best major bet since Apple.