Stock

Warren Buffett reveals another $1.0 billion stake in this oil company

Occidental Petroleum Corporation (NYSE: OXY) is up 9.0% on Thursday after veteran investor Warren Buffett loaded up on $985 million worth of its stock.

Buffett’s total stake in Occidental Petroleum

The “Oracle of Omaha” used his conglomerate holding company, Berkshire Hathaway, to buy another 18.1 million shares of Occidental Petroleum at an average per-share price of $54.41. Berkshire’s total stake in the energy company now stands at $7.20 billion (136.4 million shares).

In 2019, Berkshire partially financed Occidental’s $55 billion acquisition of Anadarko – an investment that won it warrants to purchase roughly 84 million shares of Occidental at an exercise price of close to $60.

Including the warrants, Berkshire now has an about 22% stake in the Houston-headquartered company.

Occidental reported solid results for its fiscal Q4

According to Buffett, he decided to expand his stake in Occidental Petroleum after the hydrocarbon exploration firm reported upbeat results for its fiscal fourth quarter in the final week of February. He told CNBC’s Becky Quick:

We start buying on Monday (February 28th) and we bought all we could. I read every word of the earnings transcript, and said this is exactly what I would be doing. CEO Vicki Hollub is running the company the right way.

Shares of Occidental Petroleum have shot up 50% since the start of the Ukraine war that pushed oil prices over $120 a barrel for the first time since the global financial crisis.

The post Warren Buffett reveals another $1.0 billion stake in this oil company appeared first on Invezz.

Disclaimer: MonopolyWinnersUpdates.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 MonopolyWinnersUpdates.com. All Rights Reserved.

To Top