Messy.

Very messy Jim, for all the reasons you cite.

However, while difficult to pin down the exact numbers, a stockcharts performance graph of OXY versus CVX, and especially XOM, indicates that you had to buy OXY when everyone thought they might go bankrupt when O&G crashed during the pandemic for it to have outperformed. Those were the times when Buffett was selling OXY stock received as dividends as quickly as he obtained them. Oxy was saved by the success of the vaccinations. Otherwise debt would have crushed them. Since then, as nola622 shares, it looks awful flat. That includes dividends, but not the income from the preferred shares, etc.

I have no doubts that Buffett understands the financial aspects of O&G. I'm less sure he understands the industry.

I'm just trying to put numbers behind my gross observations. It is very complicated.

Berkshire Hathaway FAQ

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