Tags: berkshire hathaway | occidental petroleum

Berkshire Buys $589M Worth of Occidental Petroleum

Berkshire Buys $589M Worth of Occidental Petroleum
Berkshire Hathaway Chairman and CEO Warren Buffett (Nati Harnik/AP)

Thursday, 14 December 2023 08:15 AM EST

Berkshire Hathaway (BRKa.N) has acquired nearly 10.5 million shares of Occidental Petroleum (OXY.N) so far this week for about $588.7 million, according to a filing at the U.S. Securities and Exchange Commission.

The purchases bring Berkshire's stake in Occidental to about 27%. The company also holds preferred shares and warrants to acquire another 83.8 million Occidental shares for $4.7 billion, or $56.62 apiece.
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The shares and warrants were obtained as part of a deal that helped Occidental finance its 2019 purchase of Anadarko Petroleum. If exercised, the warrants would bring Berkshire's total ownership to 33%.

Occidental closed at $57.22 on Wednesday.

Berkshire last bought Occidental shares on Oct. 25 and acquired a 25.8% stake worth approximately $14.4 billion.

Berkshire owns dozens of businesses including several energy operations, the BNSF railroad and Geico car insurance, and hundreds of billions of dollars of stocks including Apple (AAPL.O).

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Berkshire Hathaway (BRKa.N) has acquired nearly 10.5 million shares of Occidental Petroleum (OXY.N) so far this week for about $588.7 million, according to a filing at the U.S. Securities and Exchange Commission.
berkshire hathaway, occidental petroleum
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2023-15-14
Thursday, 14 December 2023 08:15 AM
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