Buffett’s company buys nearly 6M more Occidental shares

Sep 29, 2022, 8:31 AM | Updated: 9:58 am
FILE - In this May 5, 2019, file photo, Warren Buffett, Chairman and CEO of Berkshire Hathaway, spe...

FILE - In this May 5, 2019, file photo, Warren Buffett, Chairman and CEO of Berkshire Hathaway, speaks during a game of bridge following the annual Berkshire Hathaway shareholders meeting in Omaha, Neb. Warren Buffett's company picked up another $368 million worth of Occidental Petroleum stock this week to give it control of nearly 21% of the oil producer. (AP Photo/Nati Harnik, File)

(AP Photo/Nati Harnik, File)

OMAHA, Neb. (AP) — Warren Buffett’s company picked up another $368 million worth of Occidental Petroleum stock this week to give it control of nearly 21% of the oil producer.

These are the first purchases Berkshire Hathaway has made since regulators gave it approval last month to buy up to 50% of Occidental, but since February Buffett has been consistently buying shares of the Houston-based company any time they drop below $60 apiece.

Berkshire’s Occidental stake is now worth nearly $12 billion after its shares nearly doubled this year after Russia invaded Ukraine and oil prices soared. Occidental’s shares gained nearly 2% Thursday to sell for $62.52 after Berkshire disclosed its latest purchases in a filing with the Securities and Exchange Commission.

Buffett’s Omaha, Nebraska-based conglomerate has bet heavily on the oil sector this year. Besides its Occidental purchases, Berkshire bought roughly $20 billion worth of Chevron shares.

Berkshire’s Occidental purchases have inspired speculation that Buffett might try to buy the entire company, but Buffett doesn’t generally comment on Berkshire’s stock purchases beyond what it is required to disclose. Many investors follow Buffett’s moves closely because of his remarkably successful track record over the decades.

Berkshire could quickly boost its Occidental stake because it holds warrants to buy another 83.9 million shares at $59.62 apiece. Buffett’s company also owns $10 billion worth of preferred Occidental shares that pay an $800 million annual dividend. It acquired both of those in 2019 when t helped finance Occidental’s acquisition of Anadarko.

In addition to investments, Berkshire owns more than 90 companies outright including BNSF railroad, Geico insurance, several major utilities and an eclectic assortment of other companies such as Dairy Queen, NetJets and Precision Castparts.

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

AP

FILE - A station passageway is crowded with commuters in Tokyo, April 27, 2020. Japan’s parliamen...
Associated Press

Japan OKs $216B extra budget to counter impact of inflation

TOKYO (AP) — Japan’s parliament approved a hefty 29 trillion yen ($216 billion) supplementary budget Friday aimed at countering the blow to household finances from rising food and utility costs and the weaker yen. It is the second batch of supplementary spending this year to help boost the economy. The extra spending, funded mainly by […]
6 hours ago
Associated Press

Pentagon debuts its new stealth bomber, the B-21 Raider

WASHINGTON (AP) — America’s newest nuclear stealth bomber is making its public debut after years of secret development and as part of the Pentagon’s answer to rising concerns over a future conflict with China. The B-21 Raider is the first new American bomber aircraft in more than 30 years. Almost every aspect of the program […]
6 hours ago
FILE - Protesters hold up blank papers and chant slogans as they march in protest in Beijing, Sunda...
Associated Press

Hong Kong divided over China’s COVID-19 protests

HONG KONG (AP) — The recent wave of protests against China’s anti-virus restrictions was a ray of hope for some supporters of Hong Kong’s own pro-democracy movement after local authorities stifled it using a national security law enacted in 2020. Thomas So, who joined about a dozen students from the Chinese mainland staging a rare […]
6 hours ago
Ukrainian servicemen give the first aid to a soldier wounded in a battle with the Russian troops in...
Associated Press

Official says over 10,000 Ukrainian troops killed in war

KYIV, Ukraine (AP) — A top adviser to Ukraine’s president has cited military chiefs as saying 10,000 to 13,000 Ukrainian soldiers have been killed in the country’s nine-month struggle against Russia’s invasion, a rare comment on such figures and far below estimates of Ukrainian casualties from Western leaders. Russian forces kept up rocket attacks on […]
6 hours ago
In this photo released by Army's public relations wing 'Inter Services Public Relations', Pakistan'...
Associated Press

US names anti-Pakistan groups ‘terrorist’ organizations

ISLAMABAD (AP) — The United States has added a key anti-Pakistani militant group and its al-Qaida branch to its list of “global terrorists,” triggering sanctions against the groups amid a resurgence of militant violence in this Islamic nation. Both groups operate from Afghanistan, but they have hideouts in Pakistan’s former tribal regions in the northwest […]
6 hours ago
Pedestrians are seen reflected on monitors showing the U.S. NASDAQ and other countries' stock marke...
Associated Press

Asian shares sink on revived worries over recession, China

BANGKOK (AP) — Shares retreated in Europe and Asia on Friday ahead of the release of U.S. jobs data. Optimism over moves by China to ease strict pandemic controls appeared to have faded, replaced by worries over indications recession may be looming. Oil prices fell as the European Union was edging closer to a $60-per-barrel […]
6 hours ago

Sponsored Articles

...
Day & Night Air Conditioning, Heating and Plumbing

Prep the plumbing in your home just in time for the holidays

With the holidays approaching, it's important to know when your home is in need of heating and plumbing updates before more guests start to come around.
(Desert Institute for Spine Care photo)...
DESERT INSTITUTE FOR SPINE CARE

Why DISC is world renowned for back and neck pain treatments

Fifty percent of Americans and 90% of people at least 50 years old have some level of degenerative disc disease.
...
Children’s Cancer Network

Children’s Cancer Network celebrates cancer-fighting superheroes, raises funds during September’s Childhood Cancer Awareness Month

Jace Hyduchak was like most other kids in his kindergarten class: He loved to play basketball, dress up like his favorite superheroes and jump as high as his pint-sized body would take him on his backyard trampoline.
Buffett’s company buys nearly 6M more Occidental shares