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Anusuya Lahiri

Warren Buffett's Berkshire Hathaway Boosts Stake In Occidental Petroleum

Occidental Berkshire (Organization) Warren Buffett Petroleum NYSE OXY Oil Berkshire Hathaway Inc Occidental Petroleum Corporation Wikimedia Commons

Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK-B) has bought another 5.9 million shares of Occidental Petroleum Corporation (NYSE:OXY), boosting its stake in the oil company to ~15.2%.
Occidental's share price has doubled this year, benefiting from Berkshire's purchases and rising oil prices, with a further boost from the Ukraine crisis.
The purchases made on May 2 and 3 cost ~$336 million.
Now Berkshire owns ~142.3 million Occidental shares worth $8.8 billion, plus $10 billion of preferred stock it acquired in 2019 to help finance Occidental's purchase of Anadarko Petroleum Corp, Reuters reports.
Berkshire also has warrants to buy an additional $5 billion of Occidental shares at a slight discount to their May 4 closing price of $61.57.
Price Action: OXY shares traded higher by 0.37% at $61.80 in the premarket on the last check Thursday.
Photo via Wikimedia Commons

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