"Warren Buffett buys up even more Occidental Petroleum"

" Warren Buffett buys up even more Occidental Petroleum \r\n\r\nWarren Buffett\u2019s Berkshire Hathaway bought additional shares in Occidental Petroleum this week, raising its stake in the U.S. oil firm to 24.4%, a regulatory filing\u00a0 shows .\r\n\r\nBerkshire Hathaway acquired 3,457,222 Oxy common stock this week, at around $58 per share for some $201 million.\r\n\r\nAs a result of the latest transactions, Berkshire Hathaway now owns 217,330,133 common shares of Occidental, which are worth around\u00a0 $12.7 billion .\r\n\r\nEarlier this month, Warren Buffett said that Berkshire Hathaway\u00a0 would not be seeking \u00a0full control of Occidental Petroleum despite having amassed a stake of over 23%.\r\n\r\n\u201cWe don\u2019t know where the price of oil will be, but we like Occidental\u2019s position in the Permian,\u201d Buffett told Berkshire Hathaway\u2019s shareholders at the company\u2019s annual meeting in early May.\r\n\r\n\u201cThere\u2019s speculation about us buying control, we\u2019re not going to buy control,\u201d Buffett added.\r\n\r\n\u201cWe wouldn\u2019t know what to do with it.\u201d\r\n\r\nThree years ago, Berkshire Hathaway funded Oxy\u2019s takeover of Anadarko with $10 billion in the form of equity. It was as part of this deal that the investment firm received the stock purchase warrants that could see it acquire 20% or more in Occidental.\r\n\r\nTo date, Berkshire is Oxy\u2019s largest shareholder. Besides the purchase warrants, the company owns $10 billion worth of Oxy preferred stock, which carries an 8% dividend.\r\n\r\nOxy bought Anadarko for\u00a0 $55 billion in 2019, making it one of the biggest M&A deals in energy over the past few years. In that, it outbid Chevron, which had earlier announced a bid for the energy company.\r\n\r\n\u201cWe will not be making any offer for control of Occidental, but we love the shares we have,\u201d Buffett said at the Berkshire Hathaway annual meeting.\r\n\r\n\u201cWe may or may not own more in the future but we certainly have warrants on what we got as part of the original deal on a very substantial amount of stock around $59 a share, and warrants last a long time, and I\u2019m glad we have them.\u201d"

"Warren Buffett buys up even more Occidental Petroleum"

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