"We will probably talk about it a little bit on one of the next two earnings calls because we are expanding it," Hollub said on the sidelines of the OPEC International Seminar in Vienna.
Oil and gas operators, including Shell and Occidental Petroleum, have started to use AI to predict possible failures and assess the degree of wear of their equipment. New technologies will allow companies to forego regular scheduled maintenance, which sometimes turns out to be unnecessary due to the good condition of the equipment, and avoid losing profits during downtime.
In late May, media reported that US billionaire Warren Buffett’s conglomerate Berkshire Hathaway increased its stake in Occidental Petroleum to 24.4%, acquiring over 3 million shares worth $201 million. This brought the worth of Berkshire Hathaway's shares in Occidental Petroleum to about $12.7 billion.