Investor Warren Buffett joined the recent oil-buying spree in the market this week by resuming Berkshire Hathaway's purchases of Occidental Petroleum stock for the first time in four months. Buffett's company said late Wednesday that it invested more than $246 million to add to its already massive Occidental stake.
FILE - Berkshire Hathaway Chairman and CEO Warren Buffett smiles during an interview, May 7, 2018, in Omaha, Neb. Buffett joined the recent oil-buying spree in the market this week by resuming Berkshire Hathaway’s purchases of Occidental Petroleum stock for the first time in four months. Buffett’s company said late Wednesday, Oct. 25, 2023 that it invested more than $246 million to add to its already massive Occidental stake.
Berkshire bought nearly 4 million more shares of the Houston-based oil producer to give it more than 228 million shares and control of nearly 26% of Occidental. Buffett has been consistently buying Occidental stock whenever the shares fell below $60 as he built Berkshire’s stake since early last year, but this week he was willing to pay more than $63 for some of these new shares.
And Buffett knows the oil sector well. Not only is Berkshire the biggest shareholder in Occidental, it also owns more than 123.1 million Chevron shares in its
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