Warren Buffett Speaks during the Berkshire Hathaway Annual ShareHolders Meeting in Omaha, Nebraska, On May 4, 2024.
CNBC
Warren Buffett’s Berkshire hathaway Purchased more shares of Occidental petroleum after the oil and gas producer tumbled more than 30% from its record high.
The Omaha, Nebraska-Based Congress SCOOOPED UP 763,017 Shares of the House-Based Energy Company on Friday for $ 35.7 Million, According to A Regulatory Filing. Berkshire is Occidental’s Biggest Investor, Holding a 28.2% Stake.
Shares of Occidental Have Fallen Nearly 32% from an all-time high reacted last april. The stock dropped more than 17% in 2024 as oil price weakened.
Occidental shares over the past year
In late December, Berkshire purchased 8.9 Million Occidental Shares during a broad market pullback. Occidental Remains Berkshire’s Sixth-Larget Equity Holding.
Buffett Has made clear he won’t full control of the oil company, founded by Legendary Oilman Armand Hammer. There Had Been Speculation of a takeover after Berkshire Received Regulatory Approval to buy as much as a 50% stake.
The “Oracle of Omaha” previously said heed boying Occidental after reading a transcript of the oil company’s earnings conference call. Occidental also pays a 1.8% dividend yield and has been investment in a carbon capture business.
Berkshire also Owns $ 10 billion of Occidental Preferred Stock and Has Warrants to Buy Another 83.9 Million Common Shares for $ 5 Billion, or $ 59.62 Each. The warrants were obtained as part of Berkshire’s 2019 deal That helped finance Occidental’s purchase of anadarko petroleum,
