Occidental Petroleum and Marathon Petroleum see stock gains

Major US energy companies Occidental Petroleum and Marathon Petroleum are seeing positive market movement driven by analyst upgrades and optimistic management outlooks.

Goldman Sachs analyst Neil Mehta upgraded Occidental Petroleum from 'neutral' to 'buy', raising the price target from $63 to $69. The firm also added the company to its US Conviction List, citing a 'strong outlook' for debt reduction and potential dividend increases. Occidental aims to improve cash flow by $4 billion by 2030 through enhanced capital efficiency.

Marathon Petroleum shares rose 5.7 percent following optimistic commentary from management regarding the global fuel supply environment. Executives noted that geopolitical tensions in the Middle East and disruptions to Russian refineries have tightened international fuel stocks. The company expects refinery profitability to remain above historical levels for the foreseeable future, supported by robust demand and supply dynamics, including heavy crude deliveries to the US Gulf Coast.