Berkshire Hathaway adds to Occidental Petroleum stake with further $589m investment

Texas oil firm

Eve Maddock-Jones
clock • 1 min read

Berkshire Hathaway has added to its position in Texas oil company Occidental Petroleum with a further $588.7m investment, according to a US Securities and Exchange Commission filing yesterday (13 December).

This equated to nearly 10.5 million shares and brings Berkshire Hathaway's stake to around 27%. Berkshire Hathaway, which is overseen by chair Warren Buffet, bought 3.7 million worth of shares in March 2023 for around $216m. Buffett's company began buying large quantities of Occidental stock in 2022, around he time Russia invaded Ukraine. Berkshire Hathaway vice chair Charlie Munger dies aged 99 Occidental Petroleum closed a deal to acquire CrownRock earlier this week. CrownRock is one of the major US private shale oil producers and Occidental agreed to a $12bn purchase, incl...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week