Warren Buffett Boosts Occidental Petroleum Stake Yet Again

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Warren Buffett’s Berkshire Hathaway bought shares in Occidental Petroleum for the third time this month, boosting its stake in the company to 23.6 percent.

The investment firm paid $216 million for the shares, which it bought on two separate days, Reuters reported, citing a regulatory filing.

The purchase follows a series of three stock purchases worth $350 million in early March, which pushed Berkshire’s stake in oxy to over 20 percent, and then another one, worth $466.68 million, made in the middle of the month.

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Berkshire Hathaway has been buying stock in Occidental since last year, sparking speculation about a possible takeover. The speculation got a boost in August last year when it emerged that the investment firm had asked regulators for approval to purchase up to 50 percent of the oil company.

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Three years ago, Berkshire Hathaway funded Oxy’s takeover of Anadarko with $10 billion in the form of equity.

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Oxy bought Anadarko for $55 billion in 2019, making it one of the biggest M&A deals in energy over the past few years. In that, it outbid Chevron, which had earlier announced a bid for the energy company.

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