Warren Buffett-Led Firm Berkshire Hathaway Buys 2.57 Million More Shares in Occidental Petroleum

By Jace Dela Cruz

Jun 10, 2024 02:15 AM EDT

A US securities filing revealed that the Warren Buffett-led conglomerate Berkshire Hathaway has acquired approximately 2.57 million shares of common stock in Occidental Petroleum. 

Occidental Petroleum To Acquire CrownRock Oil Company For $12 Billion
THE WOODLANDS, TEXAS - DECEMBER 11: The Occidental Petroleum Headquarters is seen on December 11, 2023 in The Woodlands, Texas. Occidental Petroleum has announced a $10.8 billion agreement to buy the West Texas energy producer, Crown Rock.
(Photo : Brandon Bell/Getty Images)

Warren Buffett-led Conglomerate Berkshire Hathaway Buys 2.57 Million Shares in Occidental Petroleum

Reuters reported that the purchases, made between June 5 and 7, amounted to over $150 million. This recent acquisition increases Berkshire Hathaway's total holdings in Occidental to about 250.6 million shares.

Occidental Petroleum's stock closed at $59.48 on Friday. With this transaction, Berkshire Hathaway's stake in the energy producer has grown to roughly 28% as of March.

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Previous Venture of Warren Buffett-led Conglomerate Berkshire Hathaway and Occidental Petroleum

Occidental Petroleum and Berkshire Hathaway's energy division have previously collaborated on a venture to extract lithium at Occidental's geothermal facility in California. 

This partnership aims to leverage renewable energy resources for lithium production, which is crucial for batteries and electric vehicles. Berkshire Hathaway's increased investment in Occidental Petroleum highlights the conglomerate's ongoing interest in the energy sector.

The purchase further solidifies Berkshire's position as a major shareholder in Occidental, reflecting confidence in the company's future prospects and broader energy market.

READ MORE: How Can People Make Most Out of Wealth at Any Age? Let Warren Buffett Be an Example

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