03/24 Closing prices / revised 03/27/2023  09:05 GMT  |    03/24    OPEC Basket      74.60  -1.28 |    03/24    Mexico Basket (MME)   $59.02  -0.85  | 03/23     Venezuela Basket (Merey) $60.00  (Estimated EnergiesNet)  | 03/24     WTI Texas Intermediate  May CLK23  $69.26   -0.70 | 03/24    Brent May   BRNK23  $74.99  -0.92  | 03/24    Gasoline April RBJ23    $2.5885    -0.2%    03/24    Heating Oil  April HOJ23   $2.6952   +0.4%   |  03/24   April  Natural Gas  NGJ23  $2.216    +2.9%    03/24  Active U.S. Rig Count (Oil & Gas)    758  +4 | 03/27   USD/MXN Mexican Peso   18.3872  Live data  | 03/27     EUR/USD    Live data     1.0767  Live data  | 03/27   US/Bs. (Bolivar)      $24.40160000  (BCV)    |  

Berkshire Buys More Occidental Stock, Now Holds 23% Stake – Barron’s

Warren Buffett’s Berkshire Hathaway bought more Occidental stock.
Warren Buffett’s Berkshire Hathaway bought more Occidental stock. (Johannes Eisele/AFP)

Andrew Bary , Barron’s

EnergiesNet.com 03 16 2023

Berkshire Hathaway purchased nearly eight million shares of Occidental Petroleum in recent days, bringing its stake to 208 million shares, or 23% of the big energy company, according to a regulatory filing late Wednesday.

Berkshire Hathaway (Ticker BRK.A, BRK.A) bought the shares from Monday through Wednesday at prices ranging from $56 to $61 a share. Occidental Petroleum (OXY) stock fell 5.6% Wednesday to $56.80 because of a drop of more than $3 a barrel in oil prices to under $68 a barrel as measured by West Texas Intermediate.

Berkshire now holds a stake in Occidental worth nearly $12 billion after buying about $475 million in recent days.

Berkshire had bought about six million shares of Occidental stock earlier in March. As a holder of more than 10% of the energy company, Berkshire must disclose purchases within two business days.

Berkshire CEO Warren Buffett has resumed purchases of Occidental stock this month given the fall in crude prices that have dropped Occidental shares under $60. The latest buys should fuel speculation about how large an Occidental stake will be purchased by Berkshire and whether Buffett has designs on the whole company. Barron’s estimates that Berkshire has paid an average price in the low $50s for the Occidental stake.

It likely would cost Berkshire more than $50 billion to buy the rest of Occidental assuming a price of about $75 a share.

Buffett likes energy companies. Berkshire also owns around $27 billion in Chevron stock (ticker: CVX).

In addition to the Occidental equity holding, Berkshire owns nearly 84 million warrants to buy Occidental stock that can be exercised at just under $60 a share and $10 billion of Occidental preferred stock paying an 8% dividend rate.

Write to Andrew Bary at andrew.bary@barrons.com

barrons.com 03 15 2023

Share this news
CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top