Buffett Increases Stake in Western Petroleum Again! Berkshire Hathaway Holds Nearly One-Quarter of Shares
Buffett likes to increase his holdings in Western Petroleum at a price below $60 per share, with an average cost of around $50 per share.
On Tuesday evening, a document submitted to regulators showed that Berkshire Hathaway has recently purchased about $275 million worth of shares in Occidental Petroleum Corporation, holding slightly less than 25% of the oil company.
Increasing holdings in Occidental Petroleum
Berkshire Hathaway bought about 4.66 million shares of Occidental Petroleum Corporation (OXY) on Thursday, Friday, and Tuesday in the public market, bringing its total holdings to 222 million shares worth $13 billion.
Berkshire Hathaway currently holds 24.9% of Occidental Petroleum Corporation, and Buffett continues to increase his holdings in the company while oil and gas prices are weak.
"Berkshire spent more than $300 million in early May to increase its holdings in Occidental Petroleum," according to Barron's estimates. Buffett likes to increase his holdings in Occidental Petroleum at less than $60 per share, and Berkshire's average cost may be around $50 per share.
Buffett's preference
Buffett said at Berkshire Hathaway's annual meeting in May that "he is not seeking to control Occidental Petroleum, but he may continue to buy more shares."
It is not yet clear how much equity Buffett is willing to hold.
Berkshire Hathaway also owns about $9.4 billion in Occidental Petroleum preferred stock, which pays an 8% dividend annually, as well as 84 million warrants to purchase Occidental Petroleum common stock at a price of about $59 per share.
Buffett is a loyal fan of Occidental Petroleum CEO Vicki Hollub.
