雪球·2025-03-18 08:17Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has increased its stake in Occidental Petroleum, purchasing 763,017 shares at approximately $35.7 million, raising its ownership to about 28.3% [3][4]. Group 1: Investment Logic - The investment logic for both Occidental Petroleum and China National Offshore Oil Corporation (CNOOC) is similar, as both companies benefit from higher oil prices [8][39]. - The demand for oil is expected to rise over the next five years, despite the ongoing energy transition, as oil is still needed in various sectors, including chemicals [10][11]. - Both companies offer attractive dividends, with CNOOC's dividend yield around 6% for 2023, although its payout ratio can fluctuate [41][42]. Group 2: Company Comparison - Occidental Petroleum's revenue structure shows that oil and gas operations account for $21.284 billion, or 75.32% of total revenue, while CNOOC's oil and gas sales represent 78.70% of its revenue [17][20]. - Occidental Petroleum has grown its production primarily through acquisitions, while CNOOC relies on organic growth from its exploration and production activities [24][28]. - CNOOC has a lower cost per barrel at $28 compared to Occidental Petroleum's $36.88, providing it with a competitive advantage [32][33]. Group 3: Growth and Stability - CNOOC has maintained a stable growth trajectory, with proven reserves increasing by 12.6% domestically and 4.0% internationally since 2019 [29]. - The reserve replacement ratio for CNOOC is 182%, indicating a strong ability to replace production with new reserves [30]. - The cost structure of CNOOC allows it to remain profitable even when oil prices are low, enhancing its resilience compared to competitors [35][36].