New York, March 2, 2026, 05:21 EST — Premarket
- Occidental Petroleum rose roughly 6% in premarket action, with the stock moving higher alongside gains in crude prices.
- Oil moved higher as retaliatory attacks snarled shipping in the Strait of Hormuz.
- Occidental’s cash tender offers for certain notes have investors eyeing the early tender deadline set for March 4.
Occidental Petroleum picked up roughly 6.4%, hitting $56.50 before the open on Monday, as crude prices spiked with traders nervous about escalating turmoil in the Middle East. Volume came in around 522,000 shares ahead of the opening bell. Investing.com
OXY jumped early, bucking a market that looked heavy as stock futures slid over 1%. Airlines and banks lagged, defense stocks found buyers. SocGen analysts pointed to President Donald Trump’s weekend comments, highlighting ongoing U.S. action for “weeks,” not “days,” as “the most important part.” Reuters
Oil prices are carrying the load. Brent crude, which sets the global standard, climbed roughly 8% to $78.87 a barrel. U.S. West Texas Intermediate (WTI) jumped 7.7% to $72.17, after earlier surging more than 12%, according to Reuters. James Hosie of Shore Capital pointed to “uncertainty around the scale and duration of the current conflict,” with shipping snarled near the Strait of Hormuz. Reuters
Another drag lingers in the shareholder ranks. Berkshire Hathaway recorded a $4.5 billion writedown tied to its 26.9% holding in Occidental, signaling it doesn’t see the drop in the oil company’s shares as “temporary.” Despite the writedown, Berkshire indicated it plans to hold on to its stake. Reuters
Occidental carried some steam into Monday after finishing Friday’s session up 3.21% at $53.08. That put shares just shy of their 52-week high at $53.33, according to MarketWatch data, and ahead of the broader market, which stumbled. About 13.1 million shares traded hands—topping the stock’s 50-day average. MarketWatch
This week’s company calendar isn’t just about oil; bond activity is in focus too. Occidental, in a Feb. 19 SEC filing, unveiled cash tender offers targeting multiple note and debenture series, capping the total at $700 million. The company is also looking for bondholder sign-off to tweak some terms. Offers run through March 19, with early bids due March 4. Occidental plans to cover the purchases using cash it already holds—some of it from selling Occidental Chemical Corporation back on Jan. 2. SEC
A tender offer lets a company try to repurchase its debt ahead of schedule, typically locking in the terms beforehand. The consent part deals with amending bond covenants—if a critical mass goes along, even holders who sit out end up on board with the changes.
Equity desks are watching crude. The immediate test: will Monday’s risk premium linger? If oil holds up sharply, inflation expectations could edge higher, putting rate-cut hopes in a pinch — and making it tougher to read the outlook for cyclicals.
The story can reverse quickly. Should shipping routes steady or the conflict ease, crude’s war premium may vanish, and energy names could just as easily slip—OXY’s already flirting with its highs after that rush.
March 4 is the date to watch for noteholders—tenders in by then get the early premium in Occidental’s debt deals. As for OXY shares, the first hurdle is straightforward: see if that premarket jump actually sticks once the open brings volume back.
