Buffet’s Berkshire Hathaway Buys More Occidental Petroleum Shares

Warren Buffett’s Berkshire Hathaway also spent $51.1 billion on equities in the first quarter, including an increased $25.9 billion stake in oil company Chevron Corp.

Reuters

Warren Buffett’s Berkshire Hathaway Inc. bought another 9.6 million shares of Occidental Petroleum Corp., boosting its stake to 16.3% as the oil company’s shares come off the year’s high.

The purchases were made over the past week and cost about $529 million, Berkshire said in a regulatory filing on June 22. These come on top of a $336 million share purchase by Berkshire last month in the oil company, and $7 billion in purchases earlier this year.

Following the purchases, Berkshire now owns about 152.7 million Occidental shares worth about $8.52 billion based on Occidental stock’s close on June 22, which is down over 21% since it touched its year's high in May.

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