Berkshire Hathaway Boosts Stake in Occidental Petroleum to Nearly 29%
06.18.2024 By Tank Terminals - NEWS

June 18, 2024 [Reuters]- Billionaire Warren Buffett’s Berkshire Hathaway Inc acquired another 2.95 million shares in Occidental Petroleum, a regulatory filing showed, bringing his stake in the U.S. oil producer’s common stock to nearly 29%.


Berkshire disclosed in a U.S. Securities and Exchange Commission filing on Monday that it paid about $176 million in three separate purchases of Occidental shares since Thursday.

Those acquisitions gave Berkshire about 255.3 million Occidental common shares, an about 29% stake worth approximately $15.37 billion on Monday. His purchases this month have totaled 5.5 million shares.

In August 2022, Berkshire won U.S. regulatory approval to buy up to 50% of Occidental, but Buffett has said he has no plans to acquire the Houston-based company.

Buffett also owns warrants to purchase another 83.5 million shares of Occidental at $59.62 per share, below Occidental’s closing price of $60.20 on Monday.


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