Valuation is likely a key consideration for Wall Street as well. Occidental's share price is 29% below its peak from earlier this year. The stock trades at a forward price-to-earnings ratio of 12.5 compared to a forward earnings multiple of 14.6 for the S&P 500 energy sector.

Warren Buffett is stockpiling cash. His Berkshire Hathaway holding company continued to sell more than it bought in the third quarter when it offloaded a quarter of its stake in Apple, regulatory filings revealed Thursday.

Warren Buffett's investment strategy is a case study in bold and safe play. Nearly $99 billion is pegged on two iconic names: Apple and Coca-Cola. Through Berkshire Hathaway, Buffett has channeled a whopping half of his equity holdings into Apple alone and he's held tight to his Coca-Cola shares since the late 1980s.