Warren Buffett's Berkshire Hathaway buys more Occidental Petroleum shares

Warren Buffett's Berkshire Hathaway added to its already ample Occidental Petroleum involvement implicit the past trading sessions, a regulatory filing revealed Tuesday evening.

The Omaha-based conglomerate bought astir 5.8 cardinal shares of the lipid institution successful a fewer abstracted trades connected Friday, Monday and Tuesday, paying prices successful the scope from $59.8 to $61.9, the filing showed.

The latest purchase, totaling much than $350 million, marked the archetypal clip the "Oracle of Omaha" hiked his stake since September. Berkshire present owns 200.2 cardinal shares of Occidental, worthy $12.2 cardinal based connected Tuesday's adjacent of $60.85.

Occidental, present among Berkshire's apical 10 holdings, saw its banal retreat astir 3% this twelvemonth pursuing a stellar 2022. The vigor sanction was the champion performer past year, much than doubling successful price.

Occidental

On Monday, Occidental CEO Vicki Hollub said successful an interrogation with CNBC's Brian Sullivan that she met with the 92-year-old capitalist "just a fewer days ago." Hollub said they talked astir the lipid and state manufacture and the exertion progressive successful it.

In August, Berkshire received regulatory approval to acquisition up to 50%, spurring speculation that it whitethorn yet bargain each of Houston-based Occidental.

Berkshire besides owns $10 cardinal of Occidental preferred stock, and has warrants to bargain different 83.9 cardinal communal shares for $5 billion, oregon $59.62 each. The warrants were obtained arsenic portion of the company's 2019 deal that helped finance Occidental's acquisition of Anadarko.