From CNBC: 2025-02-12 08:49:06

Warren Buffett’s Berkshire Hathaway purchased 763,017 shares of Occidental Petroleum for $35.7 million as the stock fell 32% from its peak. Berkshire now holds a 28.2% stake in the energy company, making it the largest investor. Buffett clarified he won’t take full control despite owning a substantial stake.

In late December, Berkshire bought 8.9 million Occidental shares during a market pullback. Occidental is Berkshire’s sixth-largest equity holding. Buffett began buying after reading a transcript of the company’s earnings call. Occidental pays a 1.8% dividend yield and is investing in carbon capture technology.

Berkshire also owns $10 billion of Occidental preferred stock and has warrants to buy 83.9 million common shares for $5 billion. The warrants were part of a 2019 deal that helped finance Occidental’s acquisition of Anadarko Petroleum. Buffett received regulatory approval to buy up to 50% of Occidental but has no plans for full control.

Read more: Warren Buffett buys more Occidental after 30% sell-off from record high