• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 2 days China deletes leaked stats showing plunging birth rate for 2023
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 8 days Bad news for e-cars keeps coming
Falling Energy Prices Spark Hopes for Fed Rate Cuts

Falling Energy Prices Spark Hopes for Fed Rate Cuts

US inflation unexpectedly remained flat…

Berkshire Hathaway Boosts Its Stake In Occidental Petroleum To Over 23%

Berkshire Hathaway, the investment vehicle of Warren Buffett, has bought another batch of shares in Occidental Petroleum, pushing its total stake to 23.1 percent.

Citing a regulatory filing, Reuters reported the investment company had bought 7.9 million shares in Occidental, paying $466.68 million for them.

Earlier this month, Berkshire again bought Oxy stock, at around 5.8 million shares, for which it paid $350 million. After that sale, the total amount of shares Berkshire held in Occidental stood at 200.2 million shares worth around $12.2 billion.

With the new purchase, Berkshire’s total holding in Occidental has risen to almost 201 million shares worth some $11.4 billion based on yesterday’s closing price of the oil company. Oil company shares are generally down this week driven by a slump in oil prices sparked by fears of a banking industry shakeup.

Berkshire Hathaway has been buying stock in Occidental for more than a year now, raising its stake from below 14% to over 20%. The purchases sparked speculation that the investment firm may be planning to take over the oil company, especially after it received regulatory approval to buy up to 50 % of Occidental last year.

Three years ago, Berkshire Hathaway funded Oxy’s takeover of Anadarko with $10 billion in the form of equity. It was as part of this deal that the investment firm received the stock purchase warrants that could see it acquire 20% or more in Occidental.

Oxy bought Anadarko for $55 billion in 2019, making it one of the biggest M&A deals in energy over the past few years. In that, it outbid Chevron, which had earlier announced a bid for the energy company.

To date, as part of the funding deal, Berkshire Hathaway holds $10 billion worth of Oxy preferred stock and warrants for another 83.9 million shares.


By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News