Warren Buffett's Berkshire Hathaway boosts stake in Occidental Petroleum to about 25%
By Mike Murphy
Warren Buffett's Berkshire Hathaway increased its stake in Occidental Petroleum Corp. to about 25% over the past week.
According a filing Tuesday with the Securities and Exchange Commission, Berkshire bought 4.66 million shares of Occidental between May 25 and May 30, at prices ranging from $58.30 to $58.85 a share, roughly $275 million in all.
That raised Berkshire's stake in Occidental to 221.99 million shares, according to the filing -- or 24.9% of the oil company -- worth about $13 billion at Tuesday's closing price of $58.59.
Occidental stock (OXY) rose slightly in after-hours trading Tuesday.
Berkshire (BRKA)(BRKA) has gradually boosted its stake in Occidental this year, including buying sprees of more than $300 million in March and earlier in May.
Earlier this month, Buffett dismissed rumors that Berkshire would take full control of Occidental. "We're not going to buy control," the 92-year-old billionaire said at Berkshire's annual shareholder meeting in Omaha, Neb., on May 6. "We will not be making any offer for control of Occidental, but we love the shares we have."
-Mike Murphy
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May 31, 2023 08:20 ET (12:20 GMT)
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