Berkshire Hathaway Increases Stake in Occidental Petroleum to Nearly 29%

Warren Buffett's Berkshire Hathaway has increased its stake in Occidental Petroleum to nearly 29%, purchasing approximately 7.3 million shares over the past nine trading days for around $176 million. These acquisitions have brought Berkshire's holdings to over 255 million shares, making Occidental its sixth-largest stock holding. Despite speculation of a full takeover, Buffett has clarified that Berkshire has no plans to buy control of the company. Berkshire also holds $10 billion in Occidental preferred stock and has warrants to purchase an additional 83.9 million shares. Analysts suggest that Buffett's consistent buying has likely set a price floor for the stock, which has been trading around the $60 mark. This move is part of Berkshire's broader energy investment strategy, which includes significant holdings in Chevron.