By Berkshire Hathaway has recently purchased an additional 5.2 million shares of Occidental Petroleum stock, bringing their total ownership to 243.7 million shares. This represents a 27.7% stake in the energy company. The purchases were made between Tuesday and Thursday at an average price of $60 per share, totaling approximately $313 million. Berkshire Hathaway’s stake in Occidental now stands at $14.7 billion.
This recent buying spree follows Berkshire’s decision to resume purchasing Occidental stock, after a break of over a month. The renewed interest came after Occidental announced a $12 billion deal to acquire CrownRock, a privately held oil and gas company, on December 11. During the previous week, Berkshire bought over 10 million shares of Occidental.
Warren Buffett, CEO of Berkshire Hathaway, has been steadily accumulating the Occidental stake since early 2022. Throughout this year, Buffett has aimed to acquire the stock at or below $60 per share. As of Thursday, Occidental shares were valued at $60.44, representing a 0.5% increase.
Due to its holding representing more than 10% of Occidental’s stock, Berkshire is required to report any changes in its holdings within two business days.
During Berkshire’s annual meeting in May, Buffett expressed satisfaction with Occidental’s leadership under CEO Vicki Hollub and clarified that his firm does not seek control of the company.
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