WTI crude in the last year
Regarding Cummins, Nygren said, "It's pretty easy to live with a stock like Cummins, which sells at about 10 times expected next year's earnings.
"Yes, there's a little risk if emerging markets go into a recession that they'll miss that number, but you get a 3.5 percent dividend yield and a company that will benefit from global growth," he said.
Anadarko's stock was up more than 1 percent midafternoon Wednesday, while Cummins was slightly lower.
Nygren also discussed the fall of Wal-Mart's stock, saying: "As the price keeps coming down and starts to be valued more like a structurally disadvantaged company, we get very interested in it, but it's not something we own right now."
Wal-Mart shares plunged Wednesday, recording their worst day in 15 years.
"Structurally, when we look at the industry, we consider bricks-and-mortar stores to be at a disadvantage relative to online retail," he said.
Disclosure: Oakmark Funds holds at least 1 percent in both Anadarko's and Cummins' stocks as of Sept. 30, but does not own any Wal-Mart stock.