- Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK-B) has bought another 5.9 million shares of Occidental Petroleum Corporation (NYSE:OXY), boosting its stake in the oil company to ~15.2%.
- Occidental's share price has doubled this year, benefiting from Berkshire's purchases and rising oil prices, with a further boost from the Ukraine crisis.
- The purchases made on May 2 and 3 cost ~$336 million.
- Now Berkshire owns ~142.3 million Occidental shares worth $8.8 billion, plus $10 billion of preferred stock it acquired in 2019 to help finance Occidental's purchase of Anadarko Petroleum Corp, Reuters reports.
- Berkshire also has warrants to buy an additional $5 billion of Occidental shares at a slight discount to their May 4 closing price of $61.57.
- Price Action: OXY shares traded higher by 0.37% at $61.80 in the premarket on the last check Thursday.
- Photo via Wikimedia Commons
