Warren Buffett’s Berkshire Hathaway Buys More Random Oil and Gas Stocks
Gerard Miller | CNBC
by Warren Buffet Berkshire Hathaway add to it already big Random oil and gas shares in recent trading sessions, a regulatory record revealed Tuesday night.
The Omaha-based group bought nearly 5.8 million shares of the oil company in a few separate transactions on Friday, Monday and Tuesday, bidding between 59.8 and 61.9 USD, records show.
The most recent purchase, totaling more than $350 million, marks the first time the “Oracle of Omaha” has raised its stake since September. Berkshire now owns 200.2 million shares of Occidental, worth 200.2 million shares of Occidental. $12.2 billion based on Tuesday’s closing price of $60.85.
Occidental, which is now among Berkshire’s top 10 holdings, has seen its shares fall about 3% this year after an stellar 2022. This energy name performed best last year, more than doubling in price.
On Monday, Occidental CEO Vicki Hollub said in an interview with CNBC Brian Sullivan that she met the 92-year-old investor “just a few days ago.” Hollub said it talks about the oil and gas industry and the technology associated with it.
In August, Berkshire receives regulatory approval to buy up to 50%, sparking speculation that they might eventually buy the entirety of Houston-based Occidental.
Berkshire also owns $10 billion in Occidental preferred stock and has warrants to buy another 83.9 million shares of common stock for $5 billion, or $59.62 per share. Warrants purchased as part of the company transaction 2019 that helped financially Occidental buys Anadarko.