Buffett’s Berkshire Buys More Occidental Shares

Warren Buffett’s Berkshire Hathaway hit oil stocks this week, which the company owned Occidental Petroleum.

Berkshire bought another 5.9 million shares of the oil company. The purchases, made on May 2 and 3, were disclosed Wednesday in a regulatory finding, Bloomberg said.

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Share prices were $56 and $58.37 each.

Last weekend, as Berkshire’s annual meeting kicked off, the company announced a 14% stake in Occidental.

Berkshire Hathaway CEO Warren Buffett (FBN)

Buffett said he decided Occidental was a “good place” to put money in after reading an annual report.

BERKSHIRE HATHAWAY INCREASES BET ON OIL PRIOR TO SHAREHOLDERS’ MEETING, MAKES CHEVRON 4TH LARGEST INVESTMENT

That investment comes in addition to the preferred stake it acquired in 2019 when the oil company was closing its deal for Anadarko Petroleum Corp.

Berkshire now owns a 15.2% stake.

ticker Security Last Change Change %
BRK.A BERKSHIRE HATHAWAY INC. 494,343.00 +13,145,25 +2.73%
OXY OCCIDENTAL PETROLEUM CORP. 61.60 +2.33 +3.93%
CVX CHEVRON CORP. 167.63 +5.25 +3.24%

Occidental was the best performing stock in the S&P 500 during the first quarter.

Over the weekend, Berkshire also increased its stake in Chevron.

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Oil prices get a boost after the Russian invasion of Ukraine.

Vicki Hollub, CEO of Occidental Petroleum, speaks at the 23rd World Petroleum Congress conference at the George R. Brown Convention Center on December 8, 2021 in Houston.  (Photo by Brandon Bell/Getty Images)

Vicki Hollub, CEO of Occidental Petroleum, speaks at the 23rd World Petroleum Congress conference at the George R. Brown Convention Center on December 8, 2021 in Houston. (Photo by Brandon Bell/Getty Images) (Photo by Brandon Bell/Getty Images/Getty Images)

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