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Occidental Petroleum Corp.’s corporate jet made a notable visit to Omaha, the hometown of its major investor Warren Buffett, raising speculation about Chief Executive Officer Vicki Hollub’s contemplation of a significant shale oil deal exceeding $10 billion. The private jet journeyed from Houston, Occidental’s headquarters, to Eppley Airfield in Omaha on Nov. 27, staying grounded for approximately three hours, as recorded by the ADS-B Exchange flight tracking website. Subsequently, it briefly stopped in New York before returning to Houston just past midnight.
This visit coincided closely with reports indicating Occidental’s interest in acquiring CrownRock LP, a prominent privately owned oil producer in the Permian Basin, in a deal valued at over $10 billion. Notably, this marks the second visit of Occidental’s jet to Omaha this month, a destination it hadn’t ventured to since May, according to flight data.
Berkshire Hathaway Inc., Buffett’s conglomerate, currently holds a 25.9% stake in Occidental, gradually building up this position over the past three years. Representatives for Berkshire and Occidental have not yet responded to requests for comments regarding these developments.
The movements of Occidental’s corporate jet evoke memories of the frenzied 2019 period when the company successfully outbid Chevron Corp. to acquire Anadarko Petroleum Corp. for $55 billion. During that episode, investors and reporters tracked the jet to Omaha before the official announcement of a $10 billion investment from Berkshire, a move instrumental in securing the Anadarko deal. Subsequently, the jet traveled to Paris, aligning with Occidental’s negotiations to sell some of Anadarko’s African assets to TotalEnergies SE.
While the tracking of corporate jets is often utilized by investors seeking insights into potential announcements, its reliability as an indicator of a deal remains uncertain. In the midst of the 2019 takeover battle, Occidental’s jet also landed in The Hague, then home to Shell Plc, involved in a joint-venture partnership with Anadarko. Despite the speculations, no deal with Shell or its affiliates materialized.
