Berkshire Hathaway Boosts Stake in Houston-based Occidental Petroleum to Nearly 29% with $176 Million Purchase

Jun 18, 2024, 10:06 AM

Warren Buffett's Berkshire Hathaway has significantly increased its stake in Occidental Petroleum, now holding nearly 29% of the Houston-based company. Over the past nine days, Berkshire Hathaway has acquired an additional 2.95 million shares, bringing its total to over 255 million shares of common stock. The purchases, worth $176 million, have boosted Berkshire's stake to approximately one-third of Occidental Petroleum. Additionally, Berkshire holds 84 million warrants in Occidental. Buffett, who began buying shares in 2022, has stated that he does not intend to take full control of the company. The recent acquisitions, disclosed in a regulatory filing, have positively impacted Occidental Petroleum's share price.