Key Takeaways
- Warren Buffett’s Berkshire Hathaway purchased 763,017 shares of Occidental Petroleum on Friday for $35.7 million, according to a regulatory filing Tuesday.
- The investment firm has grown its stake in recent years, but Buffett has said he has no interest in taking a majority ownership stake in the company.
- The stock has dropped about 17% over the past year.
Warren Buffett’s Berkshire Hathaway (BRK.A, BRK.B) purchased 763,017 shares of Occidental Petroleum (OXY) on Friday for $35.7 million, according to a regulatory filing Tuesday.
Berkshire Hathaway has grown its stake in the Houston-based energy company in recent years, with the latest purchase bringing its stake in the company up to 28.2%.
Berkshire also has warrants to buy another 83.9 million shares of the company for $59.62 each, or roughly $5 billion in total, after helping finance Occidental’s acquisition of Anadarko Petroleum in 2019.
Despite the continued investments, Buffett has said Berkshire does not intend to take control of the company. Occidental was Berkshire’s sixth-largest holding as of the end of the third quarter, according to a November filing.
Occidental shares slid 1.7% to $47.82 Wednesday, and have lost about 17% over the past year.
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