Finance

Warren Buffett
Gerard Miller | CNBC

Warren Buffett’s Berkshire Hathaway added to its already large Occidental Petroleum stake over the past trading sessions, a regulatory filing revealed Tuesday evening.

The Omaha-based conglomerate bought nearly 5.8 million shares of the oil company in a few separate trades on Friday, Monday and Tuesday, paying prices in the range from $59.8 to $61.9, the filing showed.

The latest purchase, totaling more than $350 million, marked the first time the “Oracle of Omaha” hiked his bet since September. Berkshire now owns 200.2 million shares of Occidental, worth $12.2 billion based on Tuesday’s close of $60.85.

Occidental, now among Berkshire’s top 10 holdings, saw its stock retreat about 3% this year following a stellar 2022. The energy name was the best performer last year, more than doubling in price.

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Occidental

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 purchase up to 50%, spurring speculation that it may eventually buy all of Houston-based Occidental.

Berkshire also owns $10 billion of Occidental preferred stock, and has warrants to buy another 83.9 million common shares for $5 billion, or $59.62 each. The warrants were obtained as part of the company’s 2019 deal that helped finance Occidental’s purchase of Anadarko.

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