Berkshire Hathaway buys Occidental Petroleum shares worth about $588.7 million
Reuters
Published Dec 13, 2023 08:38PM ET
Updated Dec 13, 2023 09:36PM ET
(Reuters) - Berkshire Hathaway (NYSE:BRKa) has acquired nearly 10.5 million shares of Occidental Petroleum (NYSE:OXY) so far this week for about $588.7 million, according to a filing at the U.S. Securities and Exchange Commission on Wednesday.
The purchases bring Berkshire's stake in Occidental to about 27%. The company also holds preferred shares and warrants to acquire another 83.8 million Occidental shares for $4.7 billion, or $56.62 apiece.
The shares and warrants were obtained as part of a deal that helped Occidental finance its 2019 purchase of Anadarko Petroleum (NYSE:APC). If exercised, the warrants would bring Berkshire's total ownership to 33%.
Occidental closed at $57.22 on Wednesday.
Berkshire last bought Occidental shares on Oct. 25 and acquired a 25.8% stake worth approximately $14.4 billion.
Berkshire owns dozens of businesses including several energy operations, the BNSF railroad and Geico car insurance, and hundreds of billions of dollars of stocks including Apple (NASDAQ:AAPL).
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Written By: Reuters
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