Warren Buffett
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.
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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.
