Warren Buffett’s Berkshire Hathaway buys extra Occidental Petroleum shares

Warren Buffett’s Berkshire Hathaway added to its already massive Occidental Petroleum stake over the previous buying and selling periods, a regulatory submitting revealed Tuesday night.

The Omaha-based conglomerate purchased practically 5.eight million shares of the oil firm in a couple of separate trades on Friday, Monday and Tuesday, paying costs within the vary from $59.eight to $61.9, the submitting confirmed.

The newest buy, totaling greater than $350 million, marked the primary time the “Oracle of Omaha” hiked his guess since September. Berkshire now owns 200.2 million shares of Occidental, value $12.2 billion primarily based on Tuesday’s shut of $60.85.

Occidental, now amongst Berkshire’s high 10 holdings, noticed its inventory retreat about 3% this yr following a stellar 2022. The vitality title was the very best performer final yr, greater than doubling in value.

On Monday, Occidental CEO Vicki Hollub mentioned in an interview with CNBC’s Brian Sullivan that she met with the 92-year-old investor “only a few days in the past.” Hollub mentioned they talked concerning the oil and gasoline trade and the know-how concerned in it.

In August, Berkshire acquired regulatory approval to buy as much as 50%, spurring hypothesis that it might ultimately purchase all of Houston-based Occidental.

Berkshire additionally owns $10 billion of Occidental most well-liked inventory, and has warrants to purchase one other 83.9 million widespread shares for $5 billion, or $59.62 every. The warrants had been obtained as a part of the corporate’s 2019 deal that helped finance Occidental’s buy of Anadarko.