Subject: Stock of the year OXY
Occidental Petroleum (OXY) is MarketWatch's 2022 stock of the year. Occidental is the best-performing stock in the S&P 500 this year and by some measures the stock is still cheaply priced, despite Berkshire Hathaway CEO Warren Buffett's vote of confidence and the strength of the energy sector.

Shares of Occidental Petroleum have risen 120% during a year in which the energy sector has been the only one in the benchmark index to show a gain.

We are now in a long period during which management teams at major oil producers are more focused on prudent spending to maintain supply, rather than expand it, as they deploy excess cash through buybacks and dividends.

In an interview with Matt Peterson as part of the MarketWatch 50 series, Hollub explained that with a $40 break-even point for production, 'there's no pressure to increase production right now, when we have these other two ways that we can increase shareholder value.'

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