Warren Buffett
Gerard Miller CNBC
Warren Buffett Berkshire Hathaway added is big Western Petroleum shares over the past trading session, the regulatory filing was revealed on Friday evening.
The Omaha-based conglomerate bought nearly 5.8 million shares of the oil company in several separate trades on Monday and Tuesday, paying prices in the range of $59.8 to $61.9, filings show.
The latest purchase, totaling more than $350 million, marked the first time the “Oracle of Omaha” raised its stakes since September. Berkshire now owns 200.2 million Occidental shares, worth $12.2 billion based on Tuesday’s close of $60.85.
Occidental, currently among Berkshire’s top 10 stocks, has seen its stock retreat by about 3% this year after a stellar 2022. The energy name was the best performer in the past year, more than doubling in value.
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On Monday, Occidental CEO Vicki Hollub said in an interview with CNBC’s Brian Sullivan that she met with the 92-year-old investor “just a few days ago.” Hollub said they talked about the oil and gas industry and the technology involved in it.
In August, Berkshire received regulatory approval to buy up to 50%, spurring speculation that it could eventually buy all of Houston-based Occidental.
Berkshire also owns $ 10 billion of Occidental preferred shares, and has guaranteed to buy another 83.9 million common shares for $ 5 billion, or $ 59.62 each. The warrants were acquired as part of the company’s 2019 deal that helped finance the purchase of Anadarko Occidental.