Berkshire Hathaway Increases Stake in Occidental Petroleum to 25.8%

Berkshire Hathaway invested an additional $246 million to purchase 3.9 million shares at an average price of $63 a share, bringing total holdings to 228 million shares worth $14.5 billion; the company has regulatory approval to acquire up to 50% of Occidental.

Berkshire Hathaway, led by Warren Buffett, increased its stake in Occidental Petroleum to 25.8%, buying an additional 3.9 million units of the company’s stock at an average price of roughly $63 per share.
The latest acquisition brings Berkshire’s total holdings in Occidental to 228 million shares worth $14.5 billion, making it one of the significant moves in the oil industry.
Even though Berkshire Hathaway has regulatory approval to own as much as 50% of Occidental, Buffett clarified that he is not planning to control the Texas-based energy company.
The move followed after Chevron Corp announced a planned acquisition of Hess Corp, marking a notable shakeup in the oil industry.
Notably, Berkshire Hathaway holds warrants to purchase another 83.9 million shares of Occidental at $59.62 each, hinting at potential future stake increases in the energy company.