Warren Buffett speaks during the Berkshire Hathaway -annual shareholders’ meeting in Omaha, Nebraska, on 4 May 2024.
CNBC
Berkshire Hathaway from Warren Buffett bought more shares from Occidental Petroleum after the oil and gas producer fell out of his record high.
The Conglomerate established in Omaha, Nebraska, collected shares of the energy company established in Houston on Friday for $ 35.7 million, according to a legal submission. Berkshire is the largest investor in Occidental and has a 28.2%interest.
Shares of Occidental have fallen nearly 32% compared to a record high in April. The stock fell by more than 17% in 2024 when the oil prices weakened.
Occidental -shares in the past year
At the end of December Berkshire bought 8.9 million occidental shares during a broad market bullet. Occidental remains Berkshire’s sixth largest Equity holding.
Buffett has made it clear that he will not take full control over the oil company, founded by the legendary Oilman Armand Hammer. There was speculation of a takeover after Berkshire had received the approval of the regulations to buy a whopping 50% interest.
The “Oracle of Omaha” said earlier that he was starting to buy Occidental after reading a transcript of the oil company’s income conference. Occidental also pays a dividend yield of 1.8% and has invested in a carbon retirement company.
Berkshire also owns $ 10 billion in Occidental preference shares and has warrants to buy another 83.9 million ordinary shares for $ 5 billion, or $ 59.62 each. The Warrants were obtained as part of Berkshire 2019 Deal That helped finance Occidental’s purchase of Anadarko Petroleum.