May 16, 2022

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370 billion invested in the oil sector

370 billion invested in the oil sector

Warren Buffett’s Berkshire Hathaway Company reported operating profit of $7.04 billion in the first quarter, up slightly from $7.02 billion in the same period last year, according to Reuters.

Manufacturing, services and retail sectors declined, while insurance impacted Buffett’s investment firm.

The net result was 5.46 billion compared to 11.71 billion a year ago.

Figures are provided in connection with Berkshire Hathaway’s annual general meeting in Omaha on Saturday – its first with a physical presence since 2019.

Buffett’s company also said it repurchased its own stock for $3.2 billion in the first quarter, according to the news agency. This corresponds to approximately 30 billion NOK.

invested 370 billion in oil

This is in addition to more than $18 billion spent on the acquisition of the Ghanaian insurance company and shares in Occidental Petroleum.

Berkshire Hathaway also consolidated its ownership in the oil company Chevron. Reuters said that investments in the oil company will rise from 4.5 to 25.9 billion dollars.

In total, Buffett has now invested more than $40 billion in the oil sector, according to an analyst Bloomberg I have spoken to. This means more than 370 billion Norwegian kroner.

Later, Buffett also raised billions to become HP’s largest shareholder.

Berkshire Hathaway’s cash balance after the quarter was $106 billion, down more than $40 billion during the period. This is the lowest level since the third quarter of 2018, according to Bloomberg – and corresponds to about 990 billion Norwegian kroner at the current exchange rate.