Berkshire ramps up wager on Occidental with 30m shares

Bringing Berkshire’s total Occidental holding to 113.7m shares.
Warren Buffet. Image: Bloomberg

Berkshire Hathaway Inc., the conglomerate run by billionaire Warren Buffett, boosted its investment in energy giant Occidental Petroleum Corp. with the purchase of almost 30 million shares.

The stock was acquired this year, and brings Berkshire’s total Occidental holding to 113.7 million shares, according to a filing Friday. Omaha, Nebraska-based Berkshire holds about 11.2% of Occidental common shares in an investment currently valued at about $6.4 billion.

Buffett invested $10 billion in 2019 to help fund Occidental’s takeover of Anadarko Petroleum Corp. Most of Berkshire’s stake in Occidental — more than 83 million shares — are tied to warrants acquired in that deal, which have been generating payments.

© 2022 Bloomberg

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