Berkshire Hathaway increases stake in Occidental Petroleum to 29%

From Investing.com: 2024-06-17 22:15:29

Billionaire Warren Buffett’s Berkshire Hathaway acquires 2.95 million more shares of Occidental Petroleum, now owning nearly 29% of the U.S. oil producer’s common stock. The purchases total $176 million, adding to previous acquisitions this month, bringing Berkshire’s stake to about $15.37 billion. Buffett has no plans to acquire Occidental.

Berkshire won U.S. regulatory approval to buy up to 50% of Occidental in August 2022. Buffett also holds warrants to purchase 83.5 million more shares at $59.62 per share, below Occidental’s closing price of $60.20 on Monday. Buffett’s continued investment in Occidental showcases his confidence in the company.



Read more at Investing.com: Berkshire Hathaway boosts stake in Occidental Petroleum to nearly 29% By Reuters