Warren Buffett will speak at the Berkshire Hathaway Annual Shareholders Meeting held in Omaha, Nebraska on May 4, 2024.
CNBC
Warren Buffett’s Berkshire Hathaway has bought more stakes in Occidental Petroleum after oil and gas producers fell over 30% from record highs.
The Omaha-based conglomerate, Nebraska-based, pushed 763,017 shares up by $35.7 million on Friday, according to regulatory filings. Berkshire is Occidental’s largest investor, holding a 28.2% stake.
Occidental’s shares fell nearly 32% in April last year, a record high. As oil prices fell, shares fell by more than 17% in 2024.
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Occidental has stakes from the past year
In late December, Berkshire purchased 8.9 million occidental shares during a wide-ranging market pullback. Occidental remains Berkshire’s sixth largest shareholding.
Buffett revealed he has no complete control over the oil company founded by the legendary Oilman Armand Hammer. There was speculation about the acquisition after Berkshire received regulatory approval to buy 50% of its shares.
“Oracle of Omaha” previously said that after reading the transcripts of oil companies’ revenue conference calls, it began purchasing Occidental. Occidental also pays a dividend yield of 1.8% and invests in the carbon capture business.
Berkshire also owns $10 billion in Occidental Preferred shares and has a warrant to purchase an additional 83.9 million shares for $5 billion, or $59.62 each. The warrant was obtained as part of Berkshire’s 2019 deal that will help fund the purchase of Anadarko oil in Occidental.
