occidental petroleum corp. - OXY

FIRST ON FOX: The State of Texas is terminating a $8.5 billion BlackRock investment in response to the firm's ESG policies, which the state says signal a boycott of energy companies.

Houston-based Occidental Petroleum said it will purchase CrownRock in a $12 billion deal. It expects the transaction to close in the first quarter of 2024.

Oil prices are moving higher ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting scheduled for Thursday, after the alliance delayed the event last week.

Northrop Grumman, Lockheed Martin and other defense stocks rose on speculation the attack on Israel by Hamas terrorists that left thousands dead will boost demand for weapons.

Berkshire Hathaway has bet big on oil and gas by investing around $40 billion into Occidental and Chevron together.

The chairman of the House Natural Resources Committee is asking the CEOs of three major energy companies to testify on a surge in gas prices.