Berkshire Hathaway boosts stake in Occidental Petroleum to nearly 29% By Reuters

(Reuters) – Billionaire Warren Buffett’s Berkshire Hathaway (NYSE:) Inc acquired another 2.95 million shares in Occidental Petroleum (NYSE:), a regulatory filing showed, bringing his stake in the U.S. oil producer’s common stock to nearly 29%.

Berkshire disclosed in a U.S. Securities and Exchange Commission filing on Monday that it paid about $176 million in three separate purchases of Occidental shares since Thursday.

Those acquisitions gave Berkshire about 255.3 million Occidental common shares, an about 29% stake worth approximately $15.37 billion on Monday. His purchases this month have totaled 5.5 million shares.

In August 2022, Berkshire won U.S. regulatory approval to buy up to 50% of Occidental, but Buffett has said he has no plans to acquire the Houston-based company.

Buffett also owns warrants to purchase another 83.5 million shares of Occidental at $59.62 per share, below Occidental’s closing price of $60.20 on Monday.