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Berkshire Hathaway increases stake in Occidental to 17.4%

Between June 29 and July 1, Warren Buffett’s Berkshire Hathaway acquired an additional 9.9 million shares of Occidental Petroleum for about $ 582 million. The investment company’s share in Occidental increased to 17.4% This is evidenced by a document on the website of the US Securities and Exchange Commission.

Buffett’s company is Occidental’s largest shareholder and currently owns 163.4 million valuable papers oil producer, about 60% more than Vanguard, the next largest shareholder. Berkshire also holds warrants to buy another 83.9 million shares of Occidental for $5 billion.

In a June 23 research report, Truist Securities analyst Neil Dingmann said there was a “good chance” of a Berkshire takeover once Occidental became an investment-grade loan, explaining that the purchase would help diversify the holding’s energy portfolio.

Occidental’s share price has more than doubled this year thanks to Berkshire’s acquisitions, as well as the global rise in oil prices amid geopolitical events. Berkshire fell 8% over the same period, compared to a 20% decline in the S&P 500.

Buffett began actively buying papers of the oil company in early March 2022. Then the company invested more than $2.5 billion in shares and became the owner of 14.6% of the share portfolio (including options). In early May, Berkshire Hathaway closed two more deals, acquiring 5.9 million shares for a total of 336 million. On June 19 and 22, the conglomerate’s stake was increased by another 9.6 million shares, which were acquired for $529 million.

The last purchase of oil company shares was made by the conglomerate on June 23rd. Then Berkshire Hathaway bought just over 700,000 shares for $44 million.

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Source: RBC

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