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Buffett’s agency picks up $500 million extra Occidental shares

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OMAHA, Neb. — Warren Buffett’s Berkshire Hathaway purchased greater than $500 million value of Occidental Petroleum shares over the previous week because it continued to speculate closely in oil producers this yr.

Shares of Occidental gained greater than 2% to commerce at $57.11 Thursday morning after Berkshire disclosed proudly owning 16.3% of the corporate’s widespread inventory. The Omaha, Nebraska-based conglomerate the billionaire leads disclosed its newest purchases in a submitting with the Securities and Exchange Commission Wednesday.

Berkshire bought practically 9.6 million Occidental shares in a number of blocks on Friday and Wednesday. After these newest purchases, Berkshire now owns 152.7 million shares within the Houston-based oil producer, however Berkshire additionally holds 100,000 most popular shares within the firm and warrants to purchase one other 83.9 million Occidental shares for $59.62 apiece that it picked up in 2019 when it helped finance Occidental’s buy of Anadarko.

In addition to its Occidental funding, Berkshire picked up greater than $20 billion value of Chevron shares earlier this yr to make it one of many conglomerate’s 5 largest investments alongside its large Apple stake and sizeable investments in Bank of American, American Express and Coca-Cola inventory.

Berkshire invested greater than $51 billion in shares through the first quarter of this yr because the market fell, Berkshire will not reveal all its second-quarter purchases till later this summer season.

In addition to his inventory purchases, Buffett sealed a deal earlier this yr to purchase the Alleghany insurance coverage conglomerate for $11.6 billion.

Besides investments, Berkshire Hathaway owns greater than 90 corporations outright, together with BNSF railroad, a number of massive utilities, Geico and numerous different insurers and an eclectic assortment of producing and retail corporations that features Precision Castparts, Fruit of the Loom and Dairy Queen.


Buffett’s agency picks up $500 million extra Occidental shares.
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