We sold OXY Pete for 231% profits back in October 2006, and as the price of oil shoots to the moon, companies like OXY will continue to benefit. It has proven reserves of 2.9 billion barrels of oil equivalent in the U.S., the Middle East and Latin America. The company also owns 76% of OxyVinyls, which is the top North American producer of polyvinyl chloride (PVC) resin. Occidental Petroleum also has an energy trading and marketing operation, Occidental Energy Marketing. In its fourth quarter, OXY’s earnings rose to $1.74 per share—a 2.95% surprise over analysts’ $1.69 per-share expectations. Revenues rose to $5.52 billion.
On March 10, 2008, the company announced the signing of an agreement with Abu Dhabi's International Petroleum Investment Company (IPIC) for joint participation in hydrocarbon-related investments.
The agreement between Oxy and IPIC, a company wholly owned by the Government of the Emirate of Abu Dhabi, provides for the companies to jointly evaluate and participate in development of upstream and downstream projects both within and outside the Middle East Region.
There you have it—My Next Five Googles for 2008. I expect to see even better results from the first-quarter reports we’ll see coming in from these companies and the rest of our outstanding buy list stocks.
$91.89 (06/03/08)
