Warren Buffett’s Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) was on a buying spree when it sold over 5.98 million shares of Occidental Petroleum Corporation OXY worth over $352 million in the past three days, according to a regulatory filing.
Following the purchase, Berkshire now owns over 194 million shares of the hydrocarbon exploration company, for a nearly 20.9% stake. The most recent share purchase was made at prices between $57.9116 and $61.3765.
Also read: Warren Buffett now owns nearly 20% of this oil exploration company: What you need to know
Berkshire’s interest would allow Buffett’s conglomerate to report its proportionate share of Occidental’s earnings with its operating results using the so-called equity method of accounting, according to a Reuters Report.
Previous purchases: Buffett’s firm has been adding to shares of Occidental this year as the energy company’s stock has nearly doubled since early 2022 on higher oil prices since the start of the Ukraine war. On Wednesday, shares of Occidental closed about 5% higher.
Between July 14 and July 16, Berkshire acquired 1.94 million shares of the Texas-based hydrocarbon explorer for $112 million. In August, Buffett’s company bought nearly 6.7 million shares of Occidental for over $390 million.
Berkshire also has $10 billion in Occidental preferred stock, which generates $800 million in annual dividends, according to the Reuters report.
price action: Berkshire’s Class A shares closed up 2.3% at $410,843.50 on Wednesday, and down 1.7% in extended trading. Class B shares also closed up 2.3% at $271.65 Data from Benzinga Pro.
