Berkshire Hathaway Buys Occidental Petroleum Shares Worth About $588.7 Mln
12.14.2023 By Tank Terminals - NEWS

December 14, 2023 [Reuters]- Berkshire Hathaway has acquired nearly 10.5 million shares of Occidental Petroleum so far this week for about $588.7 million, according to a filing at the U.S. Securities and Exchange Commission on Wednesday.

 

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.

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.

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Energy-Related Emissions Hit a Record High Last Year Despite Renewables Surge
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- Despite a decline in fossil fuel use in developed economies, global en... Read More
Chinese Oil Product Demand Could Peak by 2025
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- Demand for petroleum products in China could peak before next year, th... Read More
Cheap Spot Prices Boost China’s LNG Imports to Record High for February
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- China imported in February a record volume of LNG for the month, as bu... Read More
Russia’s Rosneft Moves to Sell its German Refinery Assets
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- Russia’s state-controlled oil giant Rosneft has launched a sales pro... Read More