Buffett’s Berkshire continues to increase its stake in Occidental
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Warren Buffett’s Berkshire Hathaway continues to collect shares in Occidental Petroleum in 2022.
Buffett’s conglomerate increased its stake in the company to 26.8% from 20.2%, according to Bloomberg.
The latest purchase comes after US regulators gave Berkshire the go-ahead last month to buy as much as half of the oil giant.
Berkshire has made several purchases of Occidental shares this year.
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Berkshire CEO Warren Buffett. (Daniel Zuchnik/WireImage/Getty Images)
The company’s first move into the Houston-based oil company was three years ago.
On August 19, the Federal Energy Regulatory Commission (FERC) said the authorization was “consistent with the public interest,” after Berkshire said a larger stake would not harm competition, undermine regulatory authority or increase costs for consumers.
Occidental Petroleum Corporation sign. ((Photo by Jay L. Clendenin/Los Angeles Times via Getty Images) / Getty Images)
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The shopping spree began with an announcement in April, before the start of Berkshire’s annual meeting, that the company had a 14% stake. Buffett said he decided Occidental was a “good place” to put money after reading an annual report.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| BRK.A | BERKSHIRE HATHAWAY INC. | 429,819.43 | +2,969.43 | +0.70% |
| OXY | OCCIDENTAL PETROLEUM CORP. | 65,61 | +1.13 | +1.75% |
Berkshire bought an additional 5.9 million shares with the May 2 and 3 purchases
Berkshire Hathaway shareholders walk past a video screen at the company’s annual meeting in Omaha. (REUTERS/Rick Wilking/File Photo/Reuters Photos)
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Occidental’s share price has more than doubled this year, benefiting from rising oil prices following Russia’s February 24 invasion of Ukraine.
