Berkshire Hathaway buys more Occidental shares, stake rises to 23.1%

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March 15, 2023 10:02 PM EDT

FILE PHOTO: FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters) - Warren Buffett's Berkshire Hathaway Inc purchased more Occidental Petroleum Corp shares, increasing its stake in the oil company to about 23.1%, a regulatory filing showed on Wednesday.

Berkshire paid about $466.68 million for 7.9 million Occidental shares between March 13 and March 15, according to the filing.

Earlier this month, filings revealed that Berkshire Hathaway had resumed its purchases of Occidental Petroleum Corp shares after a five-month hiatus.

The Omaha, Nebraska-based company company now owns about 208.04 million Occidental shares worth $11.81 billion, based on Wednesday's closing price of $56.80.

Berkshire began buying large quantities of the Houston-based company's stock about one year ago.

(Reporting by Kanjyik Ghosh in Bengaluru)


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