Berkshire Holds 15.2% of Occidental Petroleum After $350 Million of Buys This Week

Dow Jones2022-05-05

Berkshire Hathaway bought about $350 million of stock in Occidental Petroleum on Monday and Tuesday, lifting its stake in the energy company to $8.8 billion, according to a regulatory filing Wednesday evening.

Berkshire Hathaway (BRK.A, BRK.B) purchased 5.9 million shares of Occidental Petroleum $(OXY)$ on Monday and Tuesday, with nearly all the purchases occurring on Monday. Berkshire now holds 142.3 million shares of Occidental, a 15.2% interest.

These are Berkshire's first purchases of Occidental since mid-March. Berkshire CEO Warren Buffett quickly accumulated a sizable stake in the oil and gas producer during the first half of March.

As a holder of more than 10% of Occidental, Berkshire needs to file a form 4 with the Securities and Exchange Commission within two business days when it changes its stake in Occidental.

Occidental shares were up 3.9% Wednesday to $61.57, while Berkshire's Class A stock rose 2.7% to $494,343.

Buffett has been enamored of the energy sector this year. Berkshire bought about 120 million shares of Chevron $(CVX)$ in the first quarter, to bring its stake in the energy giant to $25.9 billion on March 31-- some 159 million shares.

Berkshire also owns $10 billion of Occidental preferred stock paying an 8% annual dividend, and 83.9 million warrants to purchase Occidental common stock at $59.62 a share. Those warrants are now in the money with Occidental's advance Wednesday.

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Comments

BennyTay
2022-05-06
BennyTay
[Facepalm]
Bspn
2022-05-05
Bspn
Ok
AndrewL
2022-05-05
AndrewL
Nice
BhaskarB
2022-05-05
BhaskarB
Ok
BhaskarB
2022-05-05
BhaskarB
Ok
Txfen80
2022-05-05
Txfen80
[Surprised]

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