Gerard Miller | CNBC
Warren Buffett’s Berkshire Hathaway added to its already massive Occidental Petroleum stake over the previous buying and selling periods, a regulatory submitting revealed Tuesday night.
The Omaha-based conglomerate purchased almost 5.8 million shares of the oil firm in a number of separate trades on Friday, Monday and Tuesday, paying costs within the vary from $59.8 to $61.9, the submitting confirmed.
The most recent buy, totaling greater than $350 million, marked the primary time the “Oracle of Omaha” hiked his wager since September. Berkshire now owns 200.2 million shares of Occidental, value $12.2 billion based mostly on Tuesday’s shut of $60.85.
Occidental, now amongst Berkshire’s prime 10 holdings, noticed its inventory retreat about 3% this yr following a stellar 2022. The vitality title was one of the best performer final yr, greater than doubling in worth.
On Monday, Occidental CEO Vicki Hollub stated in an interview with CNBC’s Brian Sullivan that she met with the 92-year-old investor “just some days in the past.” Hollub stated they talked concerning the oil and fuel trade and the know-how concerned in it.
In August, Berkshire acquired regulatory approval to buy as much as 50%, spurring hypothesis that it might ultimately purchase all of Houston-based Occidental.
Berkshire additionally owns $10 billion of Occidental most well-liked inventory, and has warrants to purchase one other 83.9 million frequent shares for $5 billion, or $59.62 every. The warrants had been obtained as a part of the corporate’s 2019 deal that helped finance Occidental’s buy of Anadarko.