Warren Buffett
Gerhard Mueller | CNBC
Warren Buffett’s Berkshire Hathaway has been adding to its already large stake in Occidental Petroleum in recent trading sessions, a listing filing revealed Tuesday night.
The Omaha-based conglomerate bought nearly 5.8 million shares of the oil company’s stock in a few separate trades on Friday, Monday and Tuesday, paying prices ranging from $59.8 to $61.9, the filing showed.
The latest purchase, valued at more than $350 million, marked the first time the “Oracle of Omaha” had upped its stakes since September. Berkshire now owns 200.2 million shares of Occidental worth $12.2 billion based on Tuesday’s close of $60.85.
Occidental, which is now among Berkshire’s top 10 holdings, has seen its stock fall about 3% this year after a stellar 2022. The energy stock has been the best performer over the past year, more than doubling its price.
On Monday, Occidental CEO Vicki Hollub said in an interview with CNBC’s Brian Sullivan that she met with the 92-year-old investor “a few days ago.” Hollub said they talked about the oil and gas industry and related technology.
In August, Berkshire received regulatory approval to buy up to 50%, spurring speculation that it could eventually buy all of Houston-based Occidental.
Berkshire also owns $10 billion in Occidental preferred stock and warrants to purchase an additional 83.9 million common shares for $5 billion, or $59.62 each. The warrants were acquired as part of the company’s 2019 deal, which helped fund Occidental’s purchase of Anadarko.