Warren Buffett Isn't Done Buying Occidental Petroleum: How Many More Shares Did Berkshire Pick Up?

Benzinga2022-03-14

An SEC filing on Friday revealed Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) CEO Warren Buffett purchased an additional 27.1 million shares of Occidental Petroleum(NYSE: OXY) worth about $1.6 billion from Wednesday through Friday of last week.

What Happened: The additional shares were picked up after Berkshire spent around $4.5 billion the previous week to purchase 91.2 million shares of the oil company.

Berkshire now holds 118.3 million shares of Occidental, which amounts to a 12.7% stake in the company. Since Berkshire owns more than 10% of Occidental, it is required to report transactions in the stock within two business days.

Why It Matters: Buffett's increasing stake in Occidental comes as billionaire activist investor Carl Icahn has sold the last of, what was at one time, a nearly 10% stake in the company. Icahn cited Occidental's ill-timed $38-billion buyout of Anadarko Petroleum in May 2019 as the reason for his exit.

Occidental has been challenged by high debt since the purchase, but it has been rapidly paying it down, aided by the spike in energy prices. Occidental CEO Vicki Holub said the company is on track to get its net debt down to under $25 billion by the end of the first quarter.

Occidental produces about 1.2 million barrels of oil equivalent daily, the company shares are up nearly 90% over the last 12 months as oil prices have surged.

Shares of OXY closed down 0.31% on Friday at $57.95.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

YongYufei
2022-03-14
YongYufei
[Grin]
Kkn
2022-03-14
Kkn
Follow
AiChee
2022-03-14
AiChee
Good
Yappy
2022-03-14
Yappy
Like
Roarhigher
2022-03-14
Roarhigher
Good
NyanML
2022-03-14
NyanML
Ok

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