Buffett's Berkshire stocks up on more Occidental Petroleum shares

Berkshire went on a buying spree increasing shares of Occidental Petroleum and ending last year with a 21.4% stake

Warren Buffett's Berkshire Hathaway is back to increasing its stake in Occidental Petroleum.

Berkshire was very active in buying shares of the company in the past year but hasn't added to its holding of the oil exploration and manufacturing company in five months.

Occidental shares are more than 2% higher in premarket trading.

Buffett's company now has about a 22.2% stake, according to a regulatory filing.

Berkshire paid about $355 million for 5.8 million Occidental shares between March 3 and March 7.

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Warren Buffett

Berkshire chief Warren Buffett. (Daniel Zuchnik/WireImage / Getty Images)

Berkshire's last purchase of Occidental shares was in September, giving the company a 21.4% stake at the end of last year.

In August, Berkshire won U.S. Federal Energy Regulatory Commission permission to buy up to 50% of Occidental's common stock.

Buffett's company now owns about 200.2 million Occidental shares worth $12.2 billion, based on Tuesday's closing price of $60.85.

Occidental sign on office building

Occidental Petroleum Corporation sign. ( (Photo by Jay L. Clendenin/Los Angeles Times via Getty Images) / Getty Images)

WARREN BUFFETT'S BERKSHIRE HATHAWAY BOOSTS STAKE IN OCCIDENTAL PETROLEUM

Those shares would generate about $144 million of annual dividends, following a 38% increase that Occidental announced last month.

Berkshire also owns $10 billion of Occidental preferred stock that throws off $800 million of annual dividends, plus warrants to buy another $5 billion of common stock.

Ticker Security Last Change Change %
OXY OCCIDENTAL PETROLEUM CORP. 61.12 -1.09 -1.75%
BRK.A BERKSHIRE HATHAWAY INC. 608,816.00 -184.00 -0.03%

Occidental's share price more than doubled in 2022, benefiting from higher oil prices after Russia invaded Ukraine.

Berkshire Hathaway logo

Berkshire Hathaway shareholders walk by a video screen at the company's annual meeting in Omaha. (REUTERS/Rick Wilking/File Photo / Reuters Photos)

BUFFETT'S BERKSHIRE CONTINUES TO BOOST STAKE IN OCCIDENTAL

Occidental is just one of many companies that Berkshire holds stakes in including Geico car insurance, the BNSF railroad, Dairy Queen, Fruit of the Loom, and other stocks including Apple.

Reuters contributed to this report.