Occidental Petroleum has a fascinating corporate history. It is not at the top rank of oil companies -- it is for example now only the 9th largest petroleum producer in Texas. But it once served as the corporate vessel of the late Armand Hammer and it has seen more than its share of drama. Hammer ran the company from 1957 until his death in 1990. The latest drama with regard to Oxy happens to involve a contemporary businessman who is nearly as notorious as was Hammer in his prime: Warren Buffett, via Buffett's corporate vessel, Berkshire Hathaway. Until the coronavirus started freezing everything up, Occidental was in the midst of the acquisition of a smaller petroleum company, Anadarko. Berkshire was financing that transaction. As part of this deal, Berkshire received a lot of warrants (in effect stock options -- there is a distinction between warrants and options but not one pertinent just now). So, Berkshire receive these stock options, yet they are nearly worthless as...
