Occidental Petroleum Corp (OXY)

Occidental Petroleum Corp. Stock (OXY) dropped by 1.96% from $60.33 to $59.15 in the trading on Thursday November 30, 2023. The reason why OXY stock down today is due to the reports of Permian Basin acquisition. Occidental Petroleum is one of the finalists in the auction for CrownRock, an energy producer in the west Texas area of the Permian basin with a bid of more than $10 billion. The potential acquisition has drawn the attention of market analysts, who are closely monitoring the situation and its potential implications for Occidental and the broader energy sector. While some analysts view the deal favorably, citing the potential for synergies and cost savings, others have expressed concerns about the hefty price tag and the potential for integration challenges.