Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Warren Buffett's Berkshire Hathaway Boosts Stake In This Oil Company

Published 05/03/2022, 15:57
Updated 05/03/2022, 16:40
© Reuters Warren Buffett's Berkshire Hathaway Boosts Stake In This Oil Company
OXY
-
BRKb
-
BERK
-
BRKa
-
BERK34
-

The Russo-Ukrainian conflict has led to a sharp rally in crude oil prices and as an extension in stocks of oil and gas manufacturers as well.

Against this backdrop, it has emerged that billionaire investor Warren Buffett has increased his bets on Occidental Petroleum Corporation (NYSE: NYSE:OXY).

Berkshire Hathaway Inc . (NYSE:BRKa) (NYSE: BRK-B) owned 91.163 million shares of Occidental, according to the Buffett-owned conglomerate's filing with the SEC on Friday. At Occidental stock's closing price of $56.15 on Friday, the stake is valued at $5.12 billion.

Through the week, Berkshire purchased 61.35 million shares of Occidental at a cumulative value of $3.12 billion.

A 13G filing revealed that Buffett held about 113.67 million shares in Occidental, valued at about $6.4 billion.

Berkshire plowed $10 billion into Occidental in 2019 to help fund the latter's acquisition of Anadarko Petroleum (NYSE:APC), and received in exchange preferred shares in the company. The Buffett-owned company also holds warrants to buy 83.9 million shares of Occidental at an exercise price of $56.92.

Occidental shares closed Friday's session at $56.15, up 17.59%.

Related Link: Why Goldman Sachs (NYSE:GS) Is Turning Bullish On Occidental Petroleum

Photo: Courtesy of Fortune Live Media on Flickr

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read at Benzinga

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.