Buffett's Berkshire continues to boost stake in Occidental
Buffett first bought into Occidental three years ago and went on a shopping spree this year, buying shares several times starting in April
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Warren Buffett’s Berkshire Hathaway continues to collect shares of Occidental Petroleum in 2022.
Buffett's conglomerate raised its stake in the company to 26.8% from 20.2%, according to Bloomberg.
The latest purchase comes after US regulators gave Berkshire the go-ahead last month to buy as much as half of the oil giant.
Berkshire has made several purchases of Occidental shares this year.
BUFFETT'S BERKSHIRE HATHAWAY WINS OK TO BUY 50% OCCIDENTAL STAKE
Berkshire chief Warren Buffett. (Daniel Zuchnik/WireImage / Getty Images)
The company's first move into the Houston-based oil company was three years ago.
On Aug. 19, the Federal Energy Regulatory Commission (FERC) said its authorization was "consistent with the public interest," after Berkshire said a larger stake would not hurt competition, undermine regulatory authority, or boost costs for consumers.
Occidental Petroleum Corporation sign. ( (Photo by Jay L. Clendenin/Los Angeles Times via Getty Images) / Getty Images)
BUFFETT'S BERKSHIRE HATHAWAY BUYS EVEN MORE OCCIDENTAL SHARES
The shopping spree began with an announcement in April, prior to the start of Berkshire's annual meeting, that the company held a 14% stake. Buffett said that he decided Occidental was a "good place" to put money after reading an annual report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BRK.A | BERKSHIRE HATHAWAY INC. | 602,911.01 | -3,502.44 | -0.58% |
| OXY | OCCIDENTAL PETROLEUM CORP. | 64.39 | -0.27 | -0.42% |
Berkshire bought another 5.9 million shares with the purchases made on May 2 and May 3
Berkshire Hathaway shareholders walk by a video screen at the company's annual meeting in Omaha. (REUTERS/Rick Wilking/File Photo / Reuters Photos)
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Occidental's share price has more than doubled this year, benefiting from rising oil prices following Russia's Feb. 24 invasion of Ukraine.