Berkshire Hathaway increases their ownership of Occidental by 9.6 million shares

In a regulatory filing on Wednesday, Berkshire stated that the transactions were made over the previous week and cost around $529 million. These are in addition to Berkshire’s $336 million share acquisition in the oil giant last month and its $7 billion in earlier-year purchases.

In order to increase its holding in Occidental Petroleum Corp. to 16.3 percent, Warren Buffett’s Berkshire Hathaway Inc. purchased an additional 9.6 million shares of the oil business.

In a regulatory filing on Wednesday, Berkshire stated that the transactions were made over the previous week and cost around $529 million. These are in addition to Berkshire’s $336 million share acquisition in the oil giant last month and its $7 billion in earlier-year purchases.

Based on the stock’s closing price on Wednesday, which is down more than 21% since it reached its year’s high in May, Berkshire currently holds approximately 152.7 million Occidental shares, valued at nearly $8.52 billion.

The share prices of Occidental, however, have increased by more than 90% this year after more than tripling, thanks to Berkshire’s acquisitions and rising oil prices as a result of Russia’s invasion of Ukraine.

The largest individual stakeholder in Occidental is Berkshire. In addition, the corporation has options to purchase 83.9 million Occidental shares, which, if exercised, would increase its ownership to more over 25%.

In 2022, Berkshire has been on a spending binge. In the first quarter, it invested $51.1 billion in stocks, including a growing $25.9 billion investment in the oil major Chevron Corp.

According to analysts, Berkshire may use Occidental and Chevron to profit from increased oil prices as a result of Russia’s invasion of Ukraine.