Billionaire Warren Buffett’s Berkshire Hathaway hiked its stake in American oil company Occidental Petroleum Corporation to 14.6% with a $1-billion investment, Reuters reported.
- A regulatory filing revealed that Berkshire purchased 18.1 million Occidental shares between Monday and Wednesday, bringing its ownership in the oil company equivalent to 136.4 million shares.
- Berkshire disclosed its investments in Occidental Petroleum earlier in March, spending at least $6.4 billion on the common stock on top of the $10 billion the company already spent in preferred stock.
- Shares in Occidental have recorded an upward movement, partly driven by the increase in global oil prices and the ongoing war between Ukraine and Russia, which calls it a special operation.
- Occidental Petroleum Chief Executive Vicki Hollub earlier this month flagged that oil firms could face difficulties to fulfill market demand due to supply chain constraints and employment woes. BRK-A is up 1.03%, BRK-B up 1.01%, and OXY up 8.90%.