Buffett’s Berkshire buys more Occidental shares, increases stake to around 16.4%

June 28 (Reuters) – Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) said on Monday it had bought a further 794,389 shares in Occidental Petroleum Corp (OXY.N), giving the conglomerate a stake of almost 16.4% in Houston, Texas-based oil company.

The purchases were made in several transactions and cost around 44 million dollars, Berkshire said in a regulatory file. The share purchases come almost a week after Berkshire bought 9.6 million Occidental shares.

Berkshire, the largest individual shareholder in Occidental, now owns about 153.5 million shares worth around $ 9.04 billion, based on Occidental’s end of Monday.

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Occidental’s share prices are currently up almost 90% this year, as the company profited from Berkshire’s acquisition and a rise in oil prices following Russia’s invasion of Ukraine.

The company also owns options to purchase an additional 83.9 million Occidental shares, which, if exercised, will bring the stake to more than 25%.

Berkshire has been on a spending spree this year.

It spent $ 51.1 billion on equities in the first quarter, including an increased $ 25.9 billion stake in oil company Chevron Corp (CVX.N).

Berkshire has also this year announced major investments in video game maker Activision Blizzard Inc (ATVI.O) and computer and printer maker HP Inc (HPQ.N), and a planned $ 11.6 billion takeover of insurance company Alleghany Corp.

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Reporting of Abinaya Vijayaraghavan in Bengaluru; Edited by Sherry Jacob-Phillips

Our standards: Thomson Reuters Trust Principles.

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