Buffett’s firm picks up $500 million more Occidental shares

Jun 23, 2022, 7:59 AM | Updated: 9:06 am

OMAHA, Neb. (AP) — Warren Buffett’s Berkshire Hathaway bought more than $500 million worth of Occidental Petroleum shares over the past week as it continued to invest heavily in oil producers this year.

Shares of Occidental gained more than 2% to trade at $57.11 Thursday morning after Berkshire disclosed owning 16.3% of the company’s common stock. The Omaha, Nebraska-based conglomerate the billionaire leads disclosed its latest purchases in a filing with the Securities and Exchange Commission Wednesday.

Berkshire purchased nearly 9.6 million Occidental shares in several blocks on Friday and Wednesday. After these latest purchases, Berkshire now owns 152.7 million shares in the Houston-based oil producer, but Berkshire also holds 100,000 preferred shares in the company and warrants to buy another 83.9 million Occidental shares for $59.62 apiece that it picked up in 2019 when it helped finance Occidental’s purchase of Anadarko.

In addition to its Occidental investment, Berkshire picked up more than $20 billion worth of Chevron shares earlier this year to make it one of the conglomerate’s five biggest investments alongside its massive Apple stake and sizeable investments in Bank of American, American Express and Coca-Cola stock.

Berkshire invested more than $51 billion in stocks during the first quarter of this year as the market fell, Berkshire won’t reveal all its second-quarter purchases until later this summer.

In addition to his stock purchases, Buffett sealed a deal earlier this year to buy the Alleghany insurance conglomerate for $11.6 billion.

Besides investments, Berkshire Hathaway owns more than 90 companies outright, including BNSF railroad, several large utilities, Geico and a number of other insurers and an eclectic assortment of manufacturing and retail firms that includes Precision Castparts, Fruit of the Loom and Dairy Queen.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


(Facebook Photo/Superior Court of Arizona in Yavapai County)...
Associated Press

Arizona judge has cases reassigned following DUI arrest

The Arizona Supreme Court has ruled that all cases currently assigned to a Yavapai County Superior Court judge recently arrested on suspicion of extreme DUI will be reassigned to other judges.
3 days ago
Haitian migrant Gerson Solay, 28, carries his daughter, Bianca, as he and his family cross into Can...
Associated Press

US, Canada to end loophole that allows asylum-seekers to move between countries

President Joe Biden and Canadian Prime Minister Justin Trudeau on Friday announced a plan to close a loophole to an immigration agreement.
6 days ago
Expert skateboarder Di'Orr Greenwood, an artist born and raised in the Navajo Nation in Arizona and...
Associated Press

Indigenous skateboard art featured on new stamps unveiled at Phoenix skate park

The Postal Service unveiled the “Art of the Skateboard" stamps at a Phoenix skate park, featuring designs from Indigenous artists.
6 days ago
(Facebook Photo/City of San Luis, Arizona)...
Associated Press

San Luis authorities receive complaints about 911 calls going across border

Authorities in San Luis say they are receiving more complaints about 911 calls mistakenly going across the border.
12 days ago
(Pexels Photo)...
Associated Press

Daylight saving time begins in most of US this weekend

No time change is observed in Hawaii, most of Arizona, Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam and the Northern Marianas.
20 days ago
Mexican army soldiers prepare a search mission for four U.S. citizens kidnapped by gunmen in Matamo...
Associated Press

How the 4 abducted Americans in Mexico were located

The anonymous tip that led Mexican authorities to a remote shack where four abducted Americans were held described armed men and blindfolds.
20 days ago

Sponsored Articles

(Photo: OCD & Anxiety Treatment Center)...

Here’s what you need to know about OCD and where to find help

It's fair to say that most people know what obsessive-compulsive spectrum disorders generally are, but there's a lot more information than meets the eye about a mental health diagnosis that affects about one in every 100 adults in the United States.
Fiesta Bowl Foundation

Celebrate 50 years of Vrbo Fiesta Bowl Parade magic!

Since its first production in the early 1970s, the Vrbo Fiesta Bowl Parade presented by Lerner & Rowe has been a staple of Valley traditions, bringing family fun and excitement to downtown Phoenix.
Quantum Fiber

How high-speed fiber internet edges out cable for everyday use

In a world where technology drives so much of our daily lives, a lack of high-speed internet can be a major issue.
Buffett’s firm picks up $500 million more Occidental shares