Warren Buffett's Berkshire Hathaway Raises Stake In Occidental Petroleum By About 28%

(RTTNews) - Warren Buffett's Berkshire Hathaway (BRK-B) has acquired an additional 5.2 million shares of Occidental Petroleum Corp. (OXY) for about $312.1 million.

With this latest purchase, Berkshire now holds nearly 28% of Occidental's stake, making it the largest shareholder in the oil and gas company.

This move follows Berkshire's acquisition of approximately 10.5 million Occidental shares last week, totaling around $588.7 million. The recent purchases align with Occidental's agreement to acquire shale oil producer CrownRock LP for $12 billion.

Over the last three months, Buffett's company has acquired a total of 19.6 million shares of Occidental, valued at $1.21 billion. Buffett initially invested in Occidental in 2019, winning a bidding war against Chevron Corp. for the acquisition of Anadarko.

Currently, Berkshire's stock is climbing 0.05%, to $356.30, whereas Occidental's shares are moving up 0.85%, to $60.96 on the New York Stock Exchange.