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Mtan23
2022-08-09

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Berkshire Hathaway Boosts Occidental Petroleum Stake Above 20%

August 8 (Reuters) - Warren Buffett's Berkshire Hathaway Inc bought more shares of Occidental Petrol

Berkshire Hathaway Boosts Occidental Petroleum Stake Above 20%

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The share price has more than doubled this year, benefiting from rising oil prices following Russia - Ukraine war.</p><p>Berkshire owns dozens of companies including the BNSF railroad, Geico car insurance and several energy businesses, and stocks including oil company Chevron Corp, where it ended June with a $23.7 billion stake.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway Boosts Occidental Petroleum Stake Above 20%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway Boosts Occidental Petroleum Stake Above 20%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-08-09 08:17</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>August 8 (Reuters) - Warren Buffett&#39;s Berkshire Hathaway Inc bought more shares of Occidental Petroleum Corp, surpassing the 20% stake where it could record some of the oil company&#39;s earnings with its own and potentially add billions of dollars of profit.</p><p>In a regulatory filing on Monday night, Berkshire said it paid about $391 million for nearly 6.7 million Occidental shares between Aug. 4 and Aug. 8.</p><p>The purchases gave Berkshire 188.4 million Occidental shares, or 20.2% of reported shares outstanding, worth $11.3 billion.</p><p>A 20% stake would let Berkshire report its proportionate share of Houston-based Occidental&#39;s earnings with operating results, through the so-called equity method of accounting.</p><p>Berkshire nonetheless could contend that its accounting for Occidental should remain unchanged because its stake is passive.</p><p>Analysts on average expect Occidental to generate $10.5 billion of profit this year, according to Refinitiv I/B/E/S.</p><p>Buffett&#39;s company also owns $10 billion of Occidental preferred stock, which helped finance the 2019 purchase of Anadarko Petroleum, and has warrants to buy another 83.9 million common shares for $5 billion.</p><p>Some analysts have speculated that Omaha, Nebraska-based Berkshire could eventually bid for all of Occidental.</p><p>Buffett&#39;s assistant and Occidental did not immediately respond to a request for comment outside market hours.</p><p>Berkshire generated $16.3 billion of operating profit in this year&#39;s first half.</p><p>It uses the equity method of accounting for food company Kraft Heinz Co, where it has a 26.6% stake, and truck stop operator Pilot Travel Centers, where its 38.6% stake is expected to grow to 80% next year.</p><p>In contrast, Berkshire accounts normally for its 20.2% stake in American Express Co, restricting its ability to exercise significant influence.</p><p>Occidental shares closed at $60.04 on Monday. The share price has more than doubled this year, benefiting from rising oil prices following Russia - Ukraine war.</p><p>Berkshire owns dozens of companies including the BNSF railroad, Geico car insurance and several energy businesses, and stocks including oil company Chevron Corp, where it ended June with a $23.7 billion stake.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","OXY":"西方石油","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2258428390","content_text":"August 8 (Reuters) - Warren Buffett's Berkshire Hathaway Inc bought more shares of Occidental Petroleum Corp, surpassing the 20% stake where it could record some of the oil company's earnings with its own and potentially add billions of dollars of profit.In a regulatory filing on Monday night, Berkshire said it paid about $391 million for nearly 6.7 million Occidental shares between Aug. 4 and Aug. 8.The purchases gave Berkshire 188.4 million Occidental shares, or 20.2% of reported shares outstanding, worth $11.3 billion.A 20% stake would let Berkshire report its proportionate share of Houston-based Occidental's earnings with operating results, through the so-called equity method of accounting.Berkshire nonetheless could contend that its accounting for Occidental should remain unchanged because its stake is passive.Analysts on average expect Occidental to generate $10.5 billion of profit this year, according to Refinitiv I/B/E/S.Buffett's company also owns $10 billion of Occidental preferred stock, which helped finance the 2019 purchase of Anadarko Petroleum, and has warrants to buy another 83.9 million common shares for $5 billion.Some analysts have speculated that Omaha, Nebraska-based Berkshire could eventually bid for all of Occidental.Buffett's assistant and Occidental did not immediately respond to a request for comment outside market hours.Berkshire generated $16.3 billion of operating profit in this year's first half.It uses the equity method of accounting for food company Kraft Heinz Co, where it has a 26.6% stake, and truck stop operator Pilot Travel Centers, where its 38.6% stake is expected to grow to 80% next year.In contrast, Berkshire accounts normally for its 20.2% stake in American Express Co, restricting its ability to exercise significant influence.Occidental shares closed at $60.04 on Monday. 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