Then again Warren has an interesting history with energy stocks.

When OXY was having to pay the preferred shares dividends with stock dividends for lack of cash, he also sold them as soon as he received them. Then he started buying again when the vaccines slowed the pandemic and bailed OXY out of serious trouble. The invasion of the Ukraine provided an unexpected - but welcome - bonus. OXY could easily have gone into bankruptcy had the demand downturn persisted.

WEB talks about buying a business, not a stock. But he's never seemed to treat O&G stocks that way.

The horse he's chosen to ride - at least for now - is one of the weakest significant producers from a balance sheet viewpoint. The good news is that it's got the most room for improvement - and maybe a price rebound when it happens. And I agree that OXY reserves provide downside protection. Someone will want them.

I join the crowd. I don't understand Buffett's reasoning and actions with O&G.