What do you see in OXY other than Warren Buffet poured a lot of money into it?
Basically they have an industry low break-even point with oil: $40 and moving into the $30's. OXY simply remains profitable with oil at far lower prices than most other oil companies. Other companies need oil to be much higher to break-even. So that gives OXY a nice margin of safety. The price of oil is sure to increase in the future, but it won't be in a straight line.
Hydrocarbons are limited, there's only so much we have to suck out of the ground before we run out, and they're absolutely necessary for our civilization. Alternative energy can't replace all the need we have for them, not even with transportation, much less for creating Plastics, fertilizers, drugs, etc, all of which require hydrocarbons.
OXY also fundamentally operates differently than other oil companies. OXY doesn't really spend anything on speculative exploration; instead, they just run all the fields with the cash flows going directly to the shareholders. Currently they're focused on debt reduction, which is going ahead of schedule, because they took on a lot of debt with the Anadarko and CrownRock acquisitions. Once that's over, the cash flow should be directed towards buybacks and dividends. Their position in the Permian Basin is very attractive.
They also have their direct air capture technology as an added bonus. It might prove to be fairly lucrative.
