Warren Buffett’s Berkshire Hathaway bought more than $500 million worth of Occidental Petroleum shares over the past week as it continued to invest heavily in oil producers this year.
Shares of Occidental gained more than 2% to trade at $57.11 Thursday morning after Berkshire disclosed owning 16.3% of the company’s common stock. The Omaha-based conglomerate that Buffett leads disclosed its latest purchases in a filing with the Securities and Exchange Commission on Wednesday.
Berkshire purchased nearly 9.6 million Occidental shares in several blocks last Friday and this Wednesday. After these latest purchases, Berkshire now owns 152.7 million shares in the Houston-based oil producer, but Berkshire also holds 100,000 preferred shares in the company and warrants to buy another 83.9 million Occidental shares for $59.62 apiece that it picked up in 2019 when it helped finance Occidental’s purchase of Anadarko.
In addition to its Occidental investment, Berkshire picked up more than $20 billion worth of Chevron shares earlier this year to make it one of the conglomerate’s five biggest investments alongside its massive Apple stake and sizable investments in Bank of American, American Express and Coca-Cola stock.
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Berkshire invested more than $51 billion in stocks during the first quarter of this year as the market fell, Berkshire won’t reveal all its second-quarter purchases until later this summer.
In addition to his stock purchases, Buffett sealed a deal earlier this year to buy the Alleghany insurance conglomerate for $11.6 billion.
Besides investments, Berkshire Hathaway owns more than 90 companies outright, including BNSF Railway, several large utilities, Geico and a number of other insurers and an assortment of manufacturing and retail firms.
Photos: 30 images of Warren Buffett through the years
Buffett family at home in 1956
Warren Buffett in 1966
Buffett, vice president of Boys Club-1969
Buffett in the 1970s
Buffett, Blumkin, 1983
Fortune magazine cover
Buffett, Munger, 1989
Buffett grabs a Coke
Buffett playing bridge, 1990
Warren Buffett and his mother
Buffett at Omaha Royals game, 2003
Buffett on TV show
Buffett at office, 1993
Buffett throwing out first pitch, 1995
Buffett driving, 1996
Buffett at ’98 Texas game
Buffett and Gates, 1995
Buffett and Gates, 2004
Buffett at Berkshire meeting, 2011
Buffett at his high school alma mater
Buffett playing cards, 2016
Buffett at 2017 meeting
Buffett at UNO, 2013
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