The United States and the UK have recently announced a ban on Russian oil, ramping up sanctions on one of the largest oil exporters, which could lead to a surge in oil prices. In addition, the EU said it is ending its reliance on Russian gas. However, it has a limited supply, which should drive the natural gas prices higher. Moreover, oil and gas producers boosted their crude production due to high international prices, which should bode well for the energy industry. So, both Occidental Petroleum Corporation (OXY) and Continental Resources (CLR) could benefit.
OXY engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. It operates through three segments: Oil and Gas; Chemical; and Midstream and Marketing. CLR is engaged in exploring, developing, and producing crude oil and natural gas. The company sells its crude oil and natural gas production to energy marketing, crude oil refining, and natural gas gathering and processing companies.
