Oil is at at $75, companies in the sector are reporting great numbers, but still their stocks are down.
Occidental Petroleum is down since its quarter. Analysts said its production wasn’t up to par. But Chief Financial Officer Steve Chazen, who called in to Mad Money today, said production should pick up nicely over the next couple of quarters.
California has always done well for OXY, and Chazen expects production in Argentina to increase through the rest of this year and next year. The company also owns about a quarter of the $4 billion to $5 billion Dolphin Project, which puts out 2 billion cubic feet of gas a day.
With oil stocks down so much, Cramer sees a buy-in opportunity. He can’t walk away with the price of oil so high: “I think those are better stocks than almost any in this market right now except for health care and tech.”
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