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Warren Buffett's Berkshire Hathaway Ramps Up Stake In Occidental Petroleum Again, Weeks After Denying A Buyout

  • Occidental Petroleum Corp (NYSE: OXY) stock is trading up Friday following a ramp-up of stake by Berkshire Hathaway (NYSE: BRK-B).

  • The Warren Buffett-backed conglomerate boosted its stake in the oil company to 24.4% in exchange for $201 million for 3.46 million Occidental shares between May 16 and 18, Reuters cites regulatory filings.

  • The firm began buying shares early since oil prices surged upon Russia's invasion of Ukraine.

  • Berkshire purchased Occidental shares on each of the last six trading days, paying about $327 million for 5.62 million shares.

  • The hedge fund now owns 217.3 million Occidental shares worth about $12.7 billion.

  • Berkshire also owns $9.5 billion of Occidental preferred stock carrying an 8% annual dividend, plus warrants to buy $5 billion of Occidental shares at $59.62 each.

  • It acquired the preferred stock and warrants in 2019 when it helped finance Occidental's acquisition of Anadarko Petroleum Corp.

  • Previously Buffett snubbed reports of Berkshire buying out Occidental.

  • Price Action: OXY shares traded higher by 1.10% at $58.89 premarket on the last check Friday.

  • Photo via Wikimedia Commons

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This article Warren Buffett's Berkshire Hathaway Ramps Up Stake In Occidental Petroleum Again, Weeks After Denying A Buyout originally appeared on Benzinga.com

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