Berkshire buys more Occidental shares, boosts stake to 15.2% | OXY Message Board Posts


Occidental Petroleum Corporation

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Msg  356 of 381  at  5/5/2022 6:16:01 AM  by

jerrykrause


Berkshire buys more Occidental shares, boosts stake to 15.2%

 Reuters
 
 
 

Berkshire buys more Occidental shares, boosts stake to 15.2%

 Reporting by Jonathan Stempel in New York; Additional reporting by Shubham Kalia in Bengaluru
 

Warren Buffett's Berkshire Hathaway Inc has bought another 5.9 million shares of Occidental Petroleum Corp, boosting its stake in the oil company to about 15.2%.

The purchases were made on Monday and Tuesday and cost about $336 million, Berkshire said in a regulatory filing on Wednesday night.

Following the purchases, Berkshire owned about 142.3 million Occidental shares worth approximately $8.8 billion, plus $10 billion of preferred stock it acquired in 2019 to help finance Occidental's purchase of Anadarko Petroleum Corp.

Berkshire also has warrants to buy an additional $5 billion of Occidental shares at a slight discount to their Wednesday closing price of $61.57.

Occidental's share price has more than doubled this year, benefiting from Berkshire's purchases and rising oil prices, which got a further boost after Russia's invasion of Ukraine.

Berkshire has been on a spending spree in 2022.

It spent $51.1 billion on equities in the first quarter, including by increasing its stake in oil company Chevron Corp to $25.9 billion.

Berkshire has also this year announced large investments in video game maker Activision Blizzard Inc and computer and printer maker HP Inc, and a planned $11.6 billion purchase of insurance company Alleghany Corp.

 


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