“Warren Buffett’s Berkshire Hathaway bought about 9.4 million shares of Chevron in the quarter, boosting its stake to 38 million.”
“The 9.4 million shares were worth $1.28 billion as of Monday’s close, and the 38 million were worth $5.2 billion.”
I personally like to see BRK.A purchasing billions of dollars of Big Oil.
ESG has ensured the industry remains largely starved of capital, and highly regulated.
Enormous regulatory moat, constrained CapEx that ironically increases share performance, no new competitors of any meaningful scale, fighting a perpetual decline curve for the oily resource that increases its sales price, and a terminal value that is well above zero as far out as 2050+.
Few industries offer such physics induced line of site to return.
W.E.B. highly boring as usual, letting the cold hard math do the talking.
Anyone can be an excellent oil analyst, so long as they are good with large units of measure.