(Note: we’ve just published our quarterly letter, and recommend this post be read in companion with it.)
Our Companies
Let’s review a few of our positions and update the group on our thoughts.
Occidental Petroleum
Having round-tripped the war in Q2, Occidental Petroleum (“OXY”) finished slightly higher in Q3 as oil prices rose. At the end of Q2, OXY had a market cap of $55B and debt of $12.2B. Despite the tepid price action, business is humming. Debt should fall further in Q3 as oil prices averaged $85/barrel WTI and $91/barrel Brent.