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☆ Occidental Petroleum CEO talks the CrownRock deal, Chevron and Hess and natural gas prices
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOccidental Petroleum CEO talks the CrownRock deal, Chevron and Hess and natural gas pricesVicki Hollub, Occidental Petroleum CEO, joins 'Closing Bell' to discuss the company, the CrownRock deal and Chevron and Hess deal and consolidation.

Persons: Vicki Hollub Organizations: Email Occidental Petroleum CEO, Chevron, Hess, Occidental Petroleum CEO

☆ Oil prices rise as U.S. crude production is seen growing more slowly this year
▼ + stars: | 2024-02-07 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Crude oil futures rose for a third day as U.S. production this year is expected to grow less than expected, easing worries that the market is oversupplied. The U.S. pumped a record 13.3 million barrels per day of crude oil in December, but output is not expected to surpass this level until early 2025, according to estimates from the Energy Information Agency. On balance, domestic oil output is expected to grow by 170,000 barrels per day this year, down significantly from the EIA's previous forecast of 290,000 bpd. U.S. oil output has raised worries among traders that the market is oversupplied as China's economy and crude demand softens. But the world will face a crude oil supply deficit of 120,000 barrels per day this year, according to EIA estimates.

Persons: Brent, Vicki Hollub, Hollub, Antony Blinken Organizations: The West Texas Intermediate, Energy Information Agency, Occidental Petroleum, CNBC, Iranian Locations: The, U.S, Gaza, Jordan

☆ CNBC Daily Open: Wall Street anxious over Fed concerns
▼ + stars: | 2024-02-06 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the headquarters of the Federal Reserve on January 31, 2024 in Washington, DC. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Overnight, U.S. stocks lost ground and Treasury yields rose amid lingering concerns that the Federal Reserve may not cut rates as much as expected. About 97% of the oil produced today was discovered in the 20th century, she told CNBC. "It's the banks that made bad decisions that are making [other] banks look attractive in pricing," Smead told CNBC, who picked two bank stocks that are in play.

Persons: Jerome Powell, Dow, Vicki Hollub, Cole Smead, Smead Organizations: Federal Reserve, CNBC, Nasdaq, UBS, Occidental Locations: Washington ,, China, Hong Kong, Asia, Pacific, Beijing, Swiss

☆ CNBC Daily Open: Wall Street rattled over Fed worries
▼ + stars: | 2024-02-06 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. About 97% of the oil produced today was discovered in the 20th century, she told CNBC. Clare Lombardelli, chief economist at the OECD, told CNBC that shipping-driven inflation pressures remain a risk rather than its base case. "It's the banks that made bad decisions that are making [other] banks look attractive in pricing," Smead told CNBC, who picked two bank stocks that are in play.

Persons: Jerome Powell, Dow, Vicki Hollub, Alex Karp, Clare Lombardelli, Cole Smead, Smead Organizations: Federal Reserve, New York Stock Exchange, CNBC, Street, U.S, Treasury, Nasdaq, Occidental, Organisation for Economic Co, OECD Locations: New York City, U.S

☆ Oil market will face supply shortage by end of 2025, Occidental CEO says
▼ + stars: | 2024-02-05 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The oil market will face a supply shortage by the end of 2025 as the world fails to replace current crude reserves fast enough, Occidental CEO Vicki Hollub told CNBC on Monday. For now, the market is oversupplied, which has held oil prices down despite the current conflict in the Middle East, Hollub said. But the supply and demand outlook will flip by the end of 2025, Hollub said. The forecast implies a supply deficit unless OPEC ditches current production cuts and boosts its own output. Hollub told CNBC in December that Occidental expects WTI to average around $80 in 2024.

Persons: Vicki Hollub, Hollub, CNBC's Tyler Mathisen, WTI, Brent Organizations: CNBC, Smead Investor Oasis Conference, West Texas Intermediate, Brent, Occidental, CNBC PRO Locations: Occidental, Phoenix, U.S, Brazil, Canada, Guyana, China, OPEC, WTI

☆ Occidental CEO: Oil oversupply having more impact on price than Red Sea events
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOccidental CEO: Oil oversupply having more impact on price than Red Sea eventsOccidental Petroleum CEO Vicki Hollub joins 'Squawk on the Street' to discuss how Red Sea disruptions affect the oil market, if the market is out of balance, and more.

Persons: Vicki Hollub Organizations: Email Occidental CEO, Oil, Occidental Petroleum

☆ Surging U.S. oil production may set a record in 2024, shielding consumers from Mideast war and pressuring OPEC
▼ + stars: | 2024-01-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

Supply is forecast to grow by 1.5 million barrels per day to a new high of 103.5 million barrels per day, according to the IEA. Demand will grow by 1.2 million barrels daily, down from 2.3 million in 2023, with the post-pandemic recovery over and major economies set to slow. WTI and Brent closed out 2023 down more than 10% and OPEC+ production cuts have so far failed to lift prices. Goldman Sachs, for example, says oil prices could double if there is a prolonged disruption to shipments through the Strait of Hormuz. 'Golden era' Stronger U.S. oil production in 2023 surprised even oil industry CEOs such as Chevron's Wirth and Occidental's Vicki Hollub, they told CNBC in recent interviews.

Persons: Michael Wirth, Wirth, CNBC's Brian Sullivan, Goldman Sachs, Walt Chancellor, Daniel Yergin, Brent, Adi Imsirovic, Imsirovic, Yergin, Bob Yawger, Yawger, Matt Smith, Smith, Chevron's Wirth, Occidental's Vicki Hollub, I'm, Macquarie, Chancellor, Hollub, — Organizations: P, Energy Information Agency, Chevron, P Global, CNBC, Economic, West Texas, Center for Strategic, International Studies, OPEC, Bank of America, Oil, International Energy Agency, IEA, Brent, Mizuho, Gulf, Americas, Western Hemisphere Locations: East, U.S, Macquarie, Davos, Switzerland, Canada, United States, United Kingdom, OPEC, Brazil, Guyana, Americas, Europe, Red, Kpler, Iran, Hormuz

☆ Occidental Petroleum to buy Permian producer CrownRock for $12 billion, raise dividend
▼ + stars: | 2023-12-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Occidental will issue $9.1 billion in debt and about $1.7 billion in common stock to finance the transaction. Occidental Petroleum on Monday agreed to buy CrownRock , a major privately held energy producer that operates in the Permian Basin, for $12 billion. Occidental CEO Vicki Hollub said the company is purchasing CrownRock to increase its scale in the Midland Basin. Occidental is the ninth-largest energy company in the U.S. with a market capitalization of $49.7 billion. Occidental's purchase of CrownRock is the third major deal in the energy sector in less than two months.

Persons: Vicki Hollub, Hollub, CNBC's, CrownRock, Timothy Dunn, Warren Buffett's, Warren Buffett's Berkshire Hathaway, Berkshire Hathaway, Buffett, Carl Icahn, Enverus, Weeks, Hess Organizations: Midland Basin, U.S . Energy Information Administration, U.S, Occidental Petroleum, Occidental, Endeavor Resources, Houston, Lime Rock Partners, Warren Buffett's Berkshire, Anadarko Petroleum, Exxon Mobil, Natural Resources, Chevron, Pioneer, Texas Intermediate, CNBC, Energy Information Administration Locations: Occidental, Midland, Texas, U.S, Warren, Berkshire, CrownRock

Occidental Petroleum Chief Executive Vicki Hollub cut jobs and slashed spending after the company’s last major purchase in 2019. Photo: Nick Oxford/Bloomberg NewsOccidental Petroleum is in talks to buy CrownRock, a major energy producer in the west Texas area of the Permian basin, continuing a frenzy of deal making in the oil patch. A deal for the closely held company, which could be valued well above $10 billion including debt, could come together soon assuming the talks don’t fall apart or another suitor doesn’t prevail, according to people familiar with the matter.

Persons: Vicki Hollub, Nick Oxford, doesn’t Organizations: Occidental Petroleum, Bloomberg News Occidental Petroleum Locations: Texas

Scientists have said carbon removal is needed to keep climate goals alive. Otherwise, the enormous price tag for world-scale carbon removal would need to fall to governments if there is any chance of these projects surviving. A major concern is that DAC technology is both expensive and unproven at scale. More mature carbon capture and storage (CCS) technology, which traps emissions at a point source like a smokestack, also requires a rapid scale up to make a difference. Their money will be made instead by marketing carbon removal credits to corporations not involved in fossil fuels that wish to offset unavoidable emissions, or to governments seeking to stay on track with climate targets.

Persons: Climeworks, ”, Vikrum Aiyer, Sultan al, Jaber, Vicki Hollub, Mike Avery, Christoph Gebald, Richard Valdmanis, Marguerita Choy Organizations: Reuters, REUTERS, Occidental Petroleum, BlackRock, U.S ., Occidental, 28th United, OPEC, United Arab, International Energy Agency, IEA, Global CCS Institute, Stratos, DAC, Department of Energy, Thomson Locations: Tracy , California, Texas, In Louisiana, 28th United Nations, Dubai, United Arab Emirates, Louisiana, Iceland, California, U.S, UAE, Occidental

☆ Climate activist Greta Thunberg arrested at London protest after disrupting major oil conference
▼ + stars: | 2023-10-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

Henry Nicholls | Afp | Getty ImagesLONDON — Swedish climate activist Greta Thunberg on Tuesday was detained by police after joining hundreds of protesters to disrupt a major energy conference in London. Thunberg was arrested outside the InterContinental London Park Lane hotel during the "Oily Money Out" protest organized by Fossil Free London and Greenpeace. Their only plan is to profit at our expense," Nuri Syed Corser, an organizer with Fossil Free London, said in a statement. Fossil Free London said 27 people have been arrested so far and protests would continue outside the conference through to Thursday. Climate activists protest outside the InterContinental London Park Lane during the "Oily Money Out" demonstration organised by Fossil Free London on the sidelines of the opening day of the Energy Intelligence Forum 2023 in London on October 17, 2023.

Persons: Greta Thunberg, Henry Nicholls, Thunberg, Nuri Syed Corser, Corser, Vicki Hollub, Amin Nasser, Wael Sawan, We've, Tengku Muhammad Taufik, I'm, Taufik Organizations: InterContinental, Fossil Free, Greenpeace, Energy Intelligence, Afp, Getty, LONDON, Lane, Government, Energy Intelligence Forum, Money, Occidental Petroleum, Shell, The Met Police, Amnesty, Petronas, CNBC, Fossil Locations: Swedish, Fossil Free London, London, Saudi Aramco, Abu Dhabi

☆ ‘We are not in the business of ice cream’: Big Oil CEOs defend themselves against climate criticism
▼ + stars: | 2023-10-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Executives representing energy majors in the U.S., Europe and Asia speak during a CNBC-moderated panel session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates. "So, the debate has always been posed here, I'm reminded of an old saying: 'If you want to keep everyone happy, sell ice cream.' We are not in the business of ice cream — and I'm reminded, there are people who are lactose intolerant," Taufik said. "In mitigating climate change, there is also the opportunity to continue to produce oil for our energy security. Wael Sawan, chief executive officer of Shell Plc, speaks during a panel session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates.

Persons: We've, Tengku Muhammad Taufik, I'm, Taufik, Vicki Hollub, Oxy, Hollub, Patrick Pouyanne, Pouyanne, Wael Sawan Organizations: CNBC, Abu, Abu Dhabi International Petroleum Exhibition, United, United Arab Emirates, Bloomberg, Getty Images, Monday, Big Oil, Amnesty, Petronas, Shell Plc, Getty Locations: U.S, Europe, Asia, Abu Dhabi, United Arab, Paris

☆ Oxy CEO discusses the climate crisis and the oil industry
▼ + stars: | 2023-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy transition: Biggest challenge is getting people to trust the oil industry again, says Oxy CEOVicki Hollub, Oxy CEO, discusses how the oil industry can mitigate climate change.

Persons: Vicki Hollub

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. The DAC technology is in early stages of commercialization and will require multibillion-dollar investments to prove it can work economically and generate profits. President Joe Biden's administration views DAC technology as a tool to help meet a goal of neutralizing emissions by 2050, if it can be commercialized and applied at industrial scale. While carbon capture is applied to emissions produced at industrial facilities, DAC actively removes CO2 from the air. Some of that money will fund Occidental's 30 proposed DAC plants in Kleberg Country, Texas.

Persons: Brendan McDermid, " Roth, Joe Biden's, Vicki Hollub, Sourasis Bose, Shilpi Majumdar, David Gregorio Our Organizations: Occidental Petroleum, New York Stock Exchange, REUTERS, Carbon Engineering Ltd, Occidental, Low Carbon Ventures, U.S . Department of Energy, Congress, Carbon Engineering, Thomson Locations: New York, U.S, Texas, Louisiana, Country , Texas, Occidental, Bengaluru

That includes a $35 million government procurement program for carbon removal credits, and funding for 14 feasibility studies and 5 engineering and design studies for earlier-stage hub projects. Worsening climate change and inadequate efforts to cut emissions have thrust carbon removal into the spotlight. Although most environmental activists acknowledge that carbon removal will be needed for global climate targets to be met, they are concerned companies could use carbon removal development to give fossil fuel companies cover to maintain production, especially in minority and low-income areas. Erin Burns, director of carbon removal advisory firm Carbon180, said the United States is positioning itself as a leader in this technology. "This is the first major federal investment from any country on carbon removal at this level," Burns said.

Persons: Worley, Jennifer Granholm, Vicki Hollub, Erin Burns, Carbon180, Burns, Valerie Volcovici, Gerry Doyle Organizations: Reuters, REUTERS, Occidental Petroleum Corp, WASHINGTON, U.S . Department of Energy, Department of Energy, DOE, Battelle, Climeworks Corporation, Carbon, Inc, South, South Texas DAC, Occidental 1PointFive, Carbon Engineering Ltd, DAC, Energy Department, United Arab, Occidental, Thomson Locations: Handout, Texas, Louisiana, Cypress, South Texas, Kleberg County , Texas, United Arab Emirates, United States

☆ Occidental and Climeworks big winners as Biden allocates billions for CO2 removal
▼ + stars: | 2023-08-11 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The money from the Bipartisan Infrastructure Law will now help fund two DAC hub projects, one in Texas and one in Louisiana. They will eventually remove more carbon per year than all of the current projects combined. Climeworks, based in Zurich, Switzerland, currently has the world's largest DAC plant in Iceland, which removes about 4,000 tons of CO2 per year. The DAC Hubs program is a vital investment for DAC to reach climate impact at scale," said Andrew Fishbein, senior climate policy manager for Climeworks. Heirloom is a California-based startup that is using limestone to remove carbon from the air.

Persons: Jennifer Granholm, Vicki Hollub, Andrew Fishbein Organizations: U.S . Department of Energy, Law, of Energy, Occidental Petroleum, Biden, Department, DAC, Breakthrough Energy, Microsoft Locations: Texas, Louisiana, U.S, Corpus Christi, United States, The Louisiana, Zurich, Switzerland, Iceland, California, Paris

☆ Berkshire Hathaway boosts Occidental stake to 25%. Why Warren Buffett loves this energy play so much
▼ + stars: | 2023-06-29 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway keeps buying the dip in Occidental Petroleum , now owning a quarter of the oil giant. The conglomerate purchased an additional 2.1 million Occidental shares on Monday, Tuesday and Wednesday, boosting its stake in the Houston-based energy producer to 25.1%, a new regulatory filing showed. Berkshire now owns 224.1 million shares, worth $12.9 billion based on Wednesday's closing price of $57.46. The buying spree this year came as Occidental shares pulled back after a stellar 2022. 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.

Persons: Warren, Berkshire Hathaway, oilman Armand Hammer, Vicki Hollub, she's, Buffett, Hollub Organizations: Occidental Petroleum, Occidental, Berkshire, Buffett, Cities Service Locations: Occidental, Houston, Berkshire

☆ Illumina CEO deSouza resigns after proxy battle with Icahn
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

The Grail deal "has kept a lot of investors out of the stock" TD Cowen analyst Dan Brennan said. The company's shares have lost about 60% of their value since completing the Grail deal in 2021. Illumina shares closed at $200.53 on the Nasdaq on Friday. Icahn has said he wants former Illumina CEO Jay Flatley to return. He had secured more than twice the number of shareholder votes than his challenger received in the proxy vote, which could have given him enough legitimacy to hang on.

Persons: Francis deSouza, Carl Icahn, Icahn, Illumina, Charles Dadswell, DeSouza, deSouza's, Cowen, Dan Brennan, Francis, John Thompson, Andrew Teno, Jay Flatley, Vicki Hollub, Alan Jope, Management's Nelson Peltz, Lavanya, Caroline Humer, Michael Erman, Anirban Sen, Mark Porter, Marguerita Choy, Edwina Gibbs Organizations: Nasdaq, LinkedIn, Unilever Plc, U.S . Federal Trade Commission, Thomson Locations: Illumina, Occidental, Bengaluru, New York, New Jersey

☆ Illumina CEO deSouza resigns after battle with Icahn
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +3 min

Analysts said they expect the company's shares to trade up on Monday morning after deSouza's resignation. The Grail deal "has kept a lot of investors out of the stock" TD Cowen analyst Dan Brennan said. The company's shares have lost about 60% of their value since completing the Grail deal in 2021. Illumina shares closed at $200.53 on the Nasdaq on Friday. Icahn has said he wants former Illumina CEO Jay Flatley to return.

Persons: Francis deSouza, Carl Icahn, Illumina, Charles Dadswell, DeSouza, Icahn, deSouza's, Cowen, Dan Brennan, Francis, John Thompson, Andrew Teno, Jay Flatley, Vicki Hollub, Alan Jope, Management's Nelson Peltz, Lavanya, Caroline Humer, Michael Erman, Anirban Sen, Jason Neely, Jan Harvey, Mark Porter, Marguerita Choy Organizations: Nasdaq, LinkedIn, Unilever Plc, U.S . Federal Trade Commission, Thomson Locations: Occidental, Bengaluru, New York, New Jersey

☆ Illumina CEO Francis DeSouza resigns after battle with Icahn
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +2 min

June 11 (Reuters) - Illumina (ILMN.O) Chief Executive Officer Francis DeSouza stepped down on Sunday, the gene-sequencing machine maker said in a statement, ending a battle with activist investor Carl Icahn in which the company's chairman left the company earlier this year. Illumina said it named Senior Vice President and General Counsel Charles Dadswell as interim CEO. Icahn in a tweet said he is happy with the recent changes at Illumina and considers them a "very positive occurrence." Icahn has said he wants former Illumina CEO Jay Flatley to return. Vicki Hollub, for instance, remains Occidental Petroleum's (OXY.N) CEO after the company cut a deal with Icahn over board seats in 2020 and after Icahn cashed out two years later.

Persons: Francis DeSouza, Carl Icahn, Illumina, Charles Dadswell, DeSouza, Icahn, John Thompson, Andrew Teno, Jay Flatley, Vicki Hollub, Alan Jope, Management's Nelson Peltz, Lavanya, Caroline Humer, Anirban Sen, Jason Neely, Jan Harvey, Mark Porter Organizations: LinkedIn, Unilever, U.S . Federal Trade Commission, Thomson Locations: Occidental, Bengaluru, New York

☆ Berkshire Hathaway boosts stake in Occidental Petroleum to 24.4%
▼ + stars: | 2023-05-18 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

May 18 (Reuters) - Berkshire Hathaway Inc (BRKa.N) said on Thursday it had acquired more shares of Occidental Petroleum Corp (OXY.N), boosting its stake in the oil company to 24.4%. In a regulatory filing, the conglomerate controlled by billionaire Warren Buffett said it paid about $201 million for 3.46 million Occidental shares between May 16 and 18. Berkshire has bought Occidental shares on each of the last six trading days, paying about $327 million for 5.62 million shares. Berkshire also owns approximately $9.5 billion of Occidental preferred stock carrying an 8% annual dividend, plus warrants to buy $5 billion of Occidental common shares at $59.62 each. He also tried to end speculation that Berkshire might buy Occidental and further diversify its own energy portfolio.

☆ Occidental to favor buybacks over funding direct air capture plants
▼ + stars: | 2023-05-10 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

HOUSTON, May 10 (Reuters) - Occidental Petroleum Corp (OXY.N) on Wednesday said it will distribute any excess cash from high oil prices to shareholders instead of funding direct air capture (DAC) plants. It is building its first large scale DAC plant in Texas. It is, however, lacking external funding to fulfill its plan to build more than 100 DAC units, starting with the second plant. Occidental on Tuesday reported adjusted income of $1.1 billion, missing analysts estimates amid a 20% decline in oil prices from a year ago. Results were primarily impacted by the timing of crude oil sales in the quarter, the company said.

OMAHA, Nebraska, May 6 (Reuters) - Warren Buffett said on Saturday that Berkshire Hathaway Inc (BRKa.N) is not planning to acquire Occidental Petroleum Corp (OXY.N) but remains happy with its large investment in the oil company. Speaking at Berkshire's annual shareholder meeting, Buffett rejected speculation that Berkshire would buy Occidental after having accumulated a 23.6% stake. "We will not be making any offer for Occidental," Buffett said. "Hollub is an extraordinary manager at Occidental," Buffett said. Last August, Berkshire won U.S. Federal Energy Regulatory Commission permission to buy up to 50% of Occidental's common stock.

☆ Exxon CEO's pay rose 52% in 2022, highest among oil peers
▼ + stars: | 2023-04-13 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Oil company workers did not see the same level of increases with median annual compensation for workers declining at several big energy companies. The median pay for an Exxon worker fell 9% last year to $171,582 while Chevron's median worker pay dropped 12%, to $161,488, filings showed. The two largest U.S. oil majors posted record profits in 2022 on high energy prices and costs cuts measures including payroll reductions. Occidental Petroleum's CEO Vicki Hollub's pay rose 35% while ConocoPhillips CEO Ryan Lance's pay fell 16%, all compared to their prior year. Under a new calculation disclosure required by the SEC on potential gains by executives on unvested stock awards, Woods' pay was $89.7 million in 2022, a securities filing showed.

☆ Warren Buffett shakes off recession fears as he piles another $216 million into Occidental Petroleum stock
▼ + stars: | 2023-03-28 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The investor's Berkshire Hathaway bought another $216 million or so of Occidental Petroleum stock. The famed investor's Berkshire Hathaway poured $216 million into Occidental Petroleum within the past three trading days, a Securities and Exchange Commission filing revealed Monday. Buffett's conglomerate scooped up nearly 3.7 million shares, boosting its stake to almost 212 million shares or 23.6% of the oil-and-gas company. Occidental stock rose 3% in premarket trading Tuesday, after the news. Berkshire received both the preferred stock and warrants in return for financing Occidental's takeover of Anadarko Petroleum in 2019.

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