Buffett’s Company Buys Nearly 6 Million More Occidental Shares
OMAHA, Neb.—Warren Buffett’s company picked up another $368 million worth of Occidental Petroleum stock this week to give it control of nearly 21 percent of the oil producer.
These are the first purchases Berkshire Hathaway has made since regulators gave it approval last month to buy up to 50 percent of Occidental, but since February Buffett has been consistently buying shares of the Houston-based company any time they drop below $60 apiece.
Berkshire’s Occidental stake is now worth nearly $12 billion after its shares nearly doubled this year after Russia invaded Ukraine and oil prices soared. Occidental’s shares gained nearly 2 percent Thursday to sell for $62.52 after Berkshire disclosed its latest purchases in a filing with the Securities and Exchange Commission….