In a quarterly disclosure filed in mid-August, Li Lu's Himalaya Capital revealed it had exited its entire position in Occidental Petroleum (OXY) during the second quarter of 2026. These regulatory filings disclose trades made in the prior quarter, so the transactions occurred between April 1 and June 30. The sale involved all 1.47 million shares held, which were valued at approximately $95.3 million at the end of March and represented nearly 3% of the firm's reported portfolio.
The decision to sell is noteworthy given that Occidental Petroleum reported exceptionally strong results for that same second-quarter period. The energy company beat earnings estimates, generated $3.0 billion in free cash flow, reduced its principal debt by $1.9 billion, and increased its quarterly dividend. Himalaya Capital, known for its long-term, concentrated value investing approach, had first acquired the OXY stake in the second quarter of 2024.