Buffett's Berkshire Adds Another ~$370M in Occidental Petroleum Stock on Sell-Off By Investing.com

Oil climbs 3% as steep US crude stocks draw adds to supply concerns

Buffett's Berkshire Adds Another ~$370M in Occidental Petroleum Stock on Sell-Off

Published Sep 29, 2022 07:04

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Buffett's Berkshire Adds Another ~$370M in Occidental Petroleum Stock on Sell-Off

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By Investing.com Staff

Warren Buffett's Berkshire Hathaway (NYSE:BRKa) added to its Occidental Petroleum (NYSE:OXY) position on the recent weakness in the stock on the oil sell-off on global recession fears.

Berkshire disclosed buying another 5.99 million shares from 09/26/22-09/28/22 at prices from $57.9116-$61.3765. The new purchase is worth about $368 million based on yesterday's closing price.

The latest purchase brings the firm's stake to 194,351,650 shares. Further, Berkshire owns warrants that cover another 83,858,848 shares, with an exercise price of $59.62, and 100,000 preferred shares.

In August, Berkshire received Federal Energy Regulatory Commission approval to acquire up to 50% of Occidental Petroleum's common stock.

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