Buffett’s Berkshire buys more Occidental shares, raises stake to about 16.4%
(Reuters) – Warren Buffett’s Berkshire Hathaway Inc stated on Monday it has bought one other 794,389 shares of Occidental Petroleum Corp, giving the conglomerate a virtually 16.4% stake within the Houston, Texas-based oil firm.
The purchases had been made in a number of transactions and price about $44 million, Berkshire stated in a regulatory submitting https://bit.ly/3OqZ2tz. The share purchases come practically every week after Berkshire purchased 9.6 million Occidental shares.
Berkshire, the biggest particular person shareholder in Occidental, now owns about 153.5 million shares value about $9.04 billion, based mostly on Occidental’s Monday shut.
Occidental’s share costs are at present up practically 90% this 12 months, as the corporate benefited from Berkshire’s purchases and an oil value surge following Russia’s invasion of Ukraine.
The corporate additionally owns choices to purchase one other 83.9 million Occidental shares, which if exercised, would carry its stake to greater than 25%.
Berkshire has been on a spending spree this 12 months.
It spent $51.1 billion on equities within the first quarter, together with an elevated $25.9 billion stake in oil firm Chevron Corp.
Berkshire has additionally this 12 months introduced massive investments in online game maker Activision Blizzard Inc and laptop and printer maker HP Inc, and a deliberate $11.6 billion takeover of insurance coverage firm Alleghany Corp.
(Reporting by Abinaya Vijayaraghavan in Bengaluru; Modifying by Sherry Jacob-Phillips)
