May 16, 2022

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Warren Buffett continues to stockpile at Occidental Petroleum

Warren Buffett continues to stockpile at Occidental Petroleum

Warren Buffett’s Berkshire Hathaway continues to stockpile shares in oil company Occidental Petroleum. According to CNBC, documents submitted to the US Financial Services Authority show that holdings increased by 18.1 million shares during Mondays, Tuesdays and Wednesdays of this week.

With a weighted average price of $54.41, the investment came to nearly $1 billion.

Subsequently, the number of Berkshire Hathaway shares increased to 136.4 million shares, equivalent to an ownership stake of 13%. Occidental Petroleum rose about 5 percent to $55.61 in trading Thursday on Wall Street. At this rate, the company’s price is close to $52 billion, of which $6.75 billion.

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According to SEC documents, Warren Buffett’s investment firm holds options with the right to purchase an additional 84 million shares at an exercise price of less than $60. The options, which were part of the financing solution when Occidental bought Anadarko in 2019, could raise Berkshire’s stake to 22%.

The sharp rise in oil prices has sent Occidental’s stake up more than 80 percent so far this year, and the oil company ranks ninth among Berkshire’s ten largest ownership positions.

Berkshire Hathaway’s 2022 rally is 12 percent, after the stock closed above $500,000 for the first time Wednesday — more specifically $504,036.

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