Warren Buffett's Berkshire Hathaway boosts stake in Occidental Petroleum
Berkshire holds warrants to buy another 83.9 million Occidental shares at $52.69 apiece
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Berkshire Hathaway controls nearly 21% of Occidental Petroleum following a series of new stock purchases by chairman Warren Buffett.
Billionaire Warren Buffett purchased another 5.99 million Occidental shares, according to a regulatory filing. The shares were purchased at prices ranging from as low as $57.91 per share to as high as $61.37 per share. (AP Photo/Nati Harnik, File / AP Newsroom)
According to a regulatory filing published Thursday, Buffett purchased an additional 5.99 million shares in multiple transactions between Sept. 26-29. The stock was purchased at prices ranging from as low as $57.91 per share to as high as $61.37 per share.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BRK.A | BERKSHIRE HATHAWAY INC. | 714,280.00 | +7,030.00 | +0.99% |
Berkshire now owns a total of about 194.4 million Occidental shares for a stake worth $11.9 billion.
Berkshire now owns a total of about 194.4 million Occidental shares for a stake worth $11.9 billion.
Occidental has seen its shares double this year as the company benefited from a rise in oil prices following Russia's invasion of Ukraine in February.
Occidental has seen its shares double this year as the company benefited from a rise in oil prices following Russia's invasion of Ukraine in February.
Berkshire Hathaway first bought into the Houston-based oil giant three years ago. The latest purchases come after Berkshire received regulatory approval in August to buy up to 50% of Occidental's common stock.
Berkshire holds warrants to buy another 83.9 million Occidental shares at $59.62 apiece and owns $10 billion worth of preferred Occidental shares that pay an $800 million annual dividend. It acquired both of those in 2019 when it helped finance Occidental’s acquisition of Anadarko Petroleum.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| OXY | OCCIDENTAL PETROLEUM CORP. | 51.93 | +0.39 | +0.76% |
Occidental shares closed at $62.11 apiece at the end of Thursday's trading session. Shares have doubled year-to-date.
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In addition to Occidental, Buffett has also increased Berkshire's stake in Chevron.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 162.36 | +0.75 | +0.46% |
Besides its investments, Berkshire owns more than 90 companies outright, including BNSF railroad, Geico insurance, several major utilities and an eclectic assortment of other companies like Dairy Queen, NetJets and Precision Castparts.
The Associated Press contributed to this report