Shares of $OXY have risen by more than 50% since the start of the year, which is crazy. The question is whether the rise can continue or if there will be a reversal. Personally, I'd already be cautious and consider taking at least some profits, because such a growth pace can't last long. Additionally, the situation around the war can change in a matter of weeks.
Would you consider reducing your position in $OXY after a 50% gain, or would you still hold?
I wouldn't really have a reason to sell. Berkshire is also a long position, they sold OxyChem, the company is gradually deleveraging, and energy prices should work in its favor.
For me, it's more a question of why sell an energy company at this moment. Prices are high - that will show up in the results, so the rally may not be over yet. At the same time, the peace talks people keep talking about aren't really solving anything, there's uncertainty over the Strait of Hormuz, and the energy crisis could continue. It's not even that crazy—CVX and XOM are also up around 40% YTD, but that alone isn't a reason to sell. Besides, you still get a decent dividend.