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Berkshire Hathaway increases its stake in Occidental Petroleum to 25 percent




June 28 (Reuters) – Berkshire Hathaway Inc ( BRKa.N ) said on Wednesday it has bought more shares in Occidental Petroleum Corp ( OXY.N ), increasing its stake in the oil company to more than 25%.

The conglomerate, controlled by billionaire Warren Buffett, said in a regulatory filing that it paid about $1[ads1]22.1 million for 2.14 million Occidental shares between June 26 and June 28.

Berkshire had also bought about 4.66 million Occidental shares on May 30.

Buffett’s company began buying shares in Houston-based Occidental early last year, around the time Russia invaded Ukraine and as oil prices rose.

It also recently owned about $9.5 billion in Occidental preferred stock with an 8% dividend, plus warrants to buy another $5 billion in Occidental shares at $59.62 each. Berkshire bought the preferred stock and acquired the warrants in 2019 when it helped finance Occidental’s purchase of Anadarko Petroleum Corp.

At the May 6 annual shareholder meeting in Omaha, Nebraska, Buffett praised Occidental’s management and operations, but said Berkshire had no plans to buy the company.

“We’re not going to buy control,” Buffett said. “We have the right management running it.” Berkshire had amassed a 22.6% stake in the BNSF railroad before paying $26.5 billion for the rest in 2010. BNSF now generates about a fifth of Berkshire’s operating profit.

Berkshire also owns dozens of other businesses, including Geico auto insurance and many energy, manufacturing and retail companies, as well as stocks such as Apple Inc ( AAPL.O ).

Reporting by Jonathan Stempel and Akanksha Khushi in Bengaluru; Editing by Sherry Jacob-Phillips

Our standards: Thomson Reuters Trust Principles.



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