Warren Buffett
Gerard Miller | CNBC
Warren Buffett’s Berkshire Hathaway expanded his already large stake in Occidental Petroleum during recent trading sessions, a filing filing Tuesday night revealed.
The Omaha-based conglomerate bought nearly 5.8 million shares of the oil company in a pair of separate transactions on Friday, Monday and Tuesday, paying prices between $59.8 and $61.9, the filing showed.
The latest purchase, totaling more than $350 million, marked the first time the “Oracle of Omaha” increased its bet since September. Berkshire now owns 200.2 million shares of Occidental, valued at $12.2 billion based on Tuesday’s closing price of $60.85.
Occidental, now one of Berkshire’s top 10 holdings, has seen its share drop about 3% this year after a stellar 2022. The energy name outperformed last year, more than doubling in price.
On Monday, Occidental CEO Vicki Hollub said in an interview with CNBC’s Brian Sullivan that she met the 92-year-old investor “just a few days ago.” Hollub said they talked about the oil and gas industry and the technology involved.
In August, Berkshire received regulatory approval to buy up to 50%, sparking speculation that it could eventually buy all of Houston-based Occidental.
Berkshire also owns $10 billion in Occidental preferred stock and has warrants to purchase an additional 83.9 million shares of common stock for $5 billion, or $59.62 each. The warrants were acquired as part of the company’s 2019 deal that helped fund Occidental’s purchase of Anadarko.
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