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Warren Buffett’s Berkshire Hathaway continues to pick up Occidental Petroleum shares in 2022.
According to Bloomberg, Buffett’s conglomerate increased its stake in the company to 26.8% from 20.2%.
The latest acquisition comes after US regulators gave Berkshire the green light last month to buy as much as half of the oil giant.
Berkshire has made several purchases of Occidental stock this year.
BUFFETT’S BERKSHIRE HATHAWAY WINS OK TO BUY 50% OF WESTERN STAKES
Berkshire boss Warren Buffett. (Daniel Zuchnik/WireImage/Getty Images)
The company’s first move to the Houston-based oil company was three years ago.
In August. 19, the Federal Energy Regulatory Commission (FERC) said its authorization was “consistent with the public interest,” as Berkshire said a larger stake would not harm competition, undermine regulatory authority or raise costs. for consumers.
The mark of the Western Petroleum Corporation. ((Photo by Jay L. Clendenin/Los Angeles Times via Getty Images)/Getty Images)
BUFFETT’S BERKSHIRE HATHAWAY BUYS EVEN MORE Western Shares
The buying spree began with an announcement in April, before the start of Berkshire’s annual meeting, that the company had a 14% stake. Buffett said he decided Occidental was a “good place” to put money after reading an annual report.
| TICKER | Safety | The last | ExcHAnGE | Change % |
|---|---|---|---|---|
| BRK.A | BERKSHIRE HATHAWAY INC. | 429,819.43 | +2,969.43 | +0.70% |
| OXY | WESTERN PETROLEUM CORP. | 65,61 | +1.13 | +1.75% |
Berkshire bought another 5.9 million shares with purchases made on May 2 and 3
Berkshire Hathaway shareholders walk past a video screen at the company’s annual meeting in Omaha. (REUTERS/Rick Wilking/File Photo/Reuters Photos)
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Occidental’s share price has more than doubled this year, benefiting from Russia’s post-February surge in oil prices. 24 invasion of Ukraine.