Warren Buffett buys more Occidental after 30% of Record High

The Berkshire Hathaway from Warren Buffett bought more shares from Occidental Petroleum after the oil and gas producer had stumbled from its record high.

The conglomerate based in Omaha, Nebraska, Nebraska, collected 763,017 shares of the Houston-based Energy Company on Friday for $ 35.7 million. Berkshire is Occidental’s largest investor with 28.2% participation.

The Occidental shares fell by almost 32% last April last April. In 2024 the stock fell by more than 17%than the oil prices were weaker.

At the end of December, Berkshire acquired 8.9 million occidental shares during a broad market. Occidental remains Berkshires’s sixth largest capital stock.

Buffett has made it clear that he does not take full control of the oil society, which was founded by the legendary Oilman Armand Hammer. There was speculation about a takeover after Berkshire received an official approval to buy a share of 50%.

The “Oracle of Omaha” previously said that he started buying Occidental after reading a protocol from the oil company’s phone conference. Occidental also pays a dividend yield of 1.8% and invests in a CO2 acquisition business.

Berkshire also has 10 billion US dollars at Occidental preferred shares and has an arrest vulnerability to buy a further 83.9 million ordinary shares for $ 5 billion or $ 59.62 each. The arrest warrants were received as part of Berkshires Deal from 2019, which contributed to financing Occidental’s purchase of Anadarko Petroleum.