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  • Warren Buffett’s firm buys more Occidental Petroleum shares | Business News
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Warren Buffett’s firm buys more Occidental Petroleum shares | Business News

July 17, 20222 min read Annita Vagas

Warren Buffett’s Berkshire Hathaway now controls practically 20% of Occidental Petroleum’s inventory right after finding up yet another $250 million worthy of of shares of the oil producer this week.

Berkshire has been investing seriously in Occidental this 12 months, including shopping for up far more than $1.2 billion of the Houston-based company’s inventory so far this thirty day period.

Right after the most up-to-date buys that Berkshire disclosed Wednesday, Buffett’s Omaha-centered conglomerate owns nearly 180 million Occidental shares value extra than $10 billion. That presents Berkshire manage of 19.2% of the company.

But Berkshire also retains 100,000 desired shares in the organization and warrants to get yet another 83.9 million Occidental shares for $59.62 apiece that it picked up in 2019 when it served finance Occidental’s buy of Anadarko.

Occidental shares have received additional than 80% this year as oil prices soared just after Russia’s invasion of Ukraine.

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Berkshire has been buying stocks aggressively this yr as the industry fell, which include investing extra than $51 billion in shares for the duration of the first quarter. It won’t expose all its 2nd-quarter purchases right until next thirty day period.

Occidental is not the only oil producer Berkshire has been obtaining. Before this 12 months, Berkshire snapped up extra than $20 billion of Chevron inventory in the initially quarter. That manufactured Chevron a person of Berkshire’s largest investments alongside Apple and Lender of The us.

Moreover investments, Berkshire Hathaway owns much more than 90 corporations outright, together with BNSF Railway, various big utilities, Geico and a quantity of other insurers and an eclectic assortment of production and retail corporations that involves Precision Castparts, Fruit of the Loom and Dairy Queen.

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