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Buffett's company owns nearly 24% of Occidental Petroleum

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Billionaire Warren Buffett's company bought more than $200 million worth of Occidental Petroleum's shares over the past week, giving it control of 23.6% of the oil producer's stock.

FILE - Berkshire Hathaway Chairman and CEO Warren Buffett smiles during an interview in Omaha, Neb., May 7, 2018. Buffett's company, Berkshire Hathaway Inc., bought more than $200 million more Occidental Petroleum stock over the past week to give it control of 23.6% of the oil producer's stock. Berkshire Hathaway disclosed its latest purchases of 3.67 million shares in a filing with the Securities and Exchange Commission on Monday evening, March 27, 2023.

OMAHA, Neb. — Billionaire Warren Buffett’s company bought more than $200 million worth of Occidental Petroleum’s shares over the past week, giving it control of 23.6% of the oil producer’s stock. Berkshire Hathaway disclosed its latest purchases of 3.67 million shares in a filing with the Securities and Exchange Commission late Monday. Berkshire has been steadily buying Occidental shares since last February when the price dipped below $60 apiece.

Occidental shares gained more than 3% Tuesday to sell for $61.61 after Berkshire’s latest purchases were revealed. Many investors follow Buffett’s actions because he is regarded as one of the greatest investors ever. Berkshire now owns nearly $13 billion worth of Occidental’s common shares outright. It also holds $10 billion worth of preferred Occidental shares that pay an $800 million annual dividend and warrants to buy another 83.9 million shares at $59.62 each. Berkshire picked up those warrants and preferred shares in 2019 for helping finance Occidental’s acquisition of Anadarko.

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I’m happy for him hope the weather’s nice in omaha

Keep it in the ground

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