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Warren Buffett’s Berkshire Hathaway buys more Occidental Petroleum shares

Warren Buffett

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 just a few 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 guess since September. Berkshire now owns 200.2 million shares of Occidental, price $12.2 billion based mostly on Tuesday’s shut of $60.85.

Occidental, now amongst Berkshire’s high 10 holdings, noticed its inventory retreat about 3% this yr following a stellar 2022. The power identify was the perfect performer final yr, greater than doubling in value.

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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 gasoline business and the expertise concerned in it.

In August, Berkshire acquired regulatory approval to buy as much as 50%, spurring hypothesis that it could ultimately purchase all of Houston-based Occidental.

Berkshire additionally owns $10 billion of Occidental most popular inventory, and has warrants to purchase one other 83.9 million widespread 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.