Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Buffett's Berkshire Hathaway buys 5.99 million more Occidental shares

Stock Markets Sep 28, 2022 09:40PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid
 
OXY
+4.96%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BRKa
+1.62%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Jonathan Stempel and Akriti Sharma

(Reuters) - Warren Buffett's Berkshire Hathaway (NYSE:BRKa) Inc bought another 5.99 million shares of Occidental Petroleum Corp (NYSE:OXY), boosting its stake to 20.9% after the oil company's shares lost about a fifth of their value in less than a month.

The purchases were made between Sept. 26 and Sept. 28 and cost about $352 million, Berkshire said in a regulatory filing on Wednesday.

Following the purchases, Berkshire now owns about 194.4 million Occidental shares worth approximately $11.9 billion, based on Occidental's Wednesday closing price of $61.41.

Berkshire had gone seven weeks since its last purchase of Occidental shares, which pushed its stake above 20%.

The Houston-based oil company's share price later rose, peaking at $77.11 on Aug. 29, before declining amid broader weakness in U.S. equity markets. Berkshire paid in the high-50s to low-60s per share in this week's purchases.

Occidental's share price has more than doubled this year, benefiting from rising oil prices following Russia's Feb. 24 invasion of Ukraine.

Berkshire's stake would allow Buffett's Omaha, Nebraska-based conglomerate to report its proportionate share of Occidental's earnings with its own operating results, through the so-called equity method of accounting.

In August, a U.S. energy regulator gave Berkshire permission to buy up to 50% of Occidental's common stock.

Berkshire also owns $10 billion of Occidental preferred stock, which generates $800 million of annual dividends.

Buffett's Berkshire Hathaway buys 5.99 million more Occidental shares
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Kris Jay
Kris Jay Sep 28, 2022 9:53PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
yea!  I paid about the same.  i figured there is a floor around $57-$59 where he would be gobbling up more and OXY also has a share buyback.  maybe it takes a year for the payback but it should be good.
Connecticut Yankee
A_Jaundiced_Eye Sep 28, 2022 9:53PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Your enemy is not the bears but the politicians.  Throughout the world, Lefties are pushing "windfall" taxes: i.e., put on any tax that will get them votes. OXY, owned now by a billionaire, would be a likely target.
Sam F
Sam F Sep 28, 2022 9:53PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
- That billionaire, Warren Buffett has gone on record saying he should be paying more in taxes.
Sam F
Sam F Sep 28, 2022 9:53PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
- That billionaire, Warren Buffett has gone on record saying he should be paying more in taxes.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email