DIRS.INFO The most relevant business & tech news

☆ Warren Buffett buys Occidental shares for 9 straight days, pushes his stake to nearly 29%
▼ + stars: | 2024-06-18 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett walks the floor and meets with Berkshire Hathaway shareholders ahead of their annual meeting in Omaha, Nebraska on May 3rd, 2024. The Omaha, Nebraska-based conglomerate purchased Occidental shares every trading day from June 5 to Monday, totaling an additional 7.3 million shares with purchase prices slightly under or above $60, filings showed. The purchases brought Berkshire's holding to over 255 million shares, or a 28.8% stake. Occidental is Berkshire's sixth biggest stock holding, while the conglomerate has become Occidental's biggest institutional investor by far. 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 Buffett, Warren Buffett's Berkshire Hathaway, Buffett, oilman Armand Hammer, Vicki Hollub Organizations: Berkshire Hathaway, Occidental Petroleum, Occidental, Anadarko Petroleum, Berkshire, Oracle, CNBC Locations: Omaha , Nebraska, Houston, Berkshire, Occidental, Omaha, America

☆ 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 beats Q3 estimates on higher production
▼ + stars: | 2023-11-08 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +2 min

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 oil and gas company reported a $1.18 a share profit compared to average Wall Street analyst forecasts for an 84 cent a share profit, according to LSEG. Its chemical and midstream unit earnings fell compared to a year ago. Midstream swung to a loss of $130 million from a $104 million profit. Its chemicals business profit fell to $373 million from $580 million a year ago.

Persons: Brendan McDermid, Warren Buffett's, Midstream, Sabrina Valle, Sourasis Bose, Krishna Chandra Eluri, Stephen Coates, Jamie Freed Organizations: Occidental Petroleum, New York Stock Exchange, REUTERS, Rights, Tuesday, Occidental, Berkshire Hathaway's, Anadarko Petroleum, BlackRock, Devon Energy, Thomson Locations: New York, U.S, Berkshire, Occidental, Texas, Devon, Houston, Bengaluru

☆ Chevron agrees to buy Hess for $53 billion
▼ + stars: | 2023-10-23 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —Chevron announced Monday that it has agreed to buy rival Hess in yet another oil industry consolidation deal. Hess (HES) also has large oil assets in Guyana, which Chevron said would help grow its production over the next decade. Chevron said that it would increase buybacks of its stock by $2.5 billion to $20 billion a year. Shares of Chevron slipped 3% in premarket trading following the deal announcement, while Hess’ shares were slightly higher. Since the start of 2022, just ahead of the big run-up in oil prices following Russia’s full-scale invasion of Ukraine, Hess shares are up 120%, while Chevron shares are up 42%.

Persons: Hess, Chevron, ”, Mike Wirth, Wirth, Critics, It’s, Biden, John Hess, — Chris Isidore Organizations: New, New York CNN, Chevron, ExxonMobil, Exxon, Anadarko Petroleum Locations: New York, Texas, Guyana, Ukraine, Marathon

We are exiting our position in Halliburton (HAL) Friday, selling 1,400 shares at roughly $39.52 apiece. The extra cash raised from the Halliburton sale will set us up Monday to scoop up shares of those two names. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: Jim Cramer's, Jim, Halliburton —, we've, We've, Halliburton, DuPont, Stanley Black, Decker, Jim Cramer, Jamie Schwaberow Organizations: Halliburton, HAL, DuPont de Nemours, Oracle, DuPont, Coterra Energy, Natural Resources, West Texas, GE HealthCare, CNBC, Workers, Halliburton Co, Anadarko Petroleum Corp, Bloomberg, Getty Locations: Halliburton, oversold, Dacono , Colorado, U.S

But, as Jim Cramer said Wednesday stocks in other parts of the market have started to come "back from the dead." Here's a look at where we stand on these eight Club stocks, starting with the biggest gainer, Halliburton, and concluding with the eighth-best performer, TJX Companies. HAL 3M mountain Halliburton's stock performance over the past three months. CAT 3M mountain Caterpillar's stock performance over the past three months. TJX 3M mountain TJX Companies' stock performance over the past three months.

Persons: It's, Jim Cramer, Wells, Morgan Stanley, Wells Fargo, Elliott Management, Jim, STZ, Emerson, bode, Morgan Stanley's, Morgan, TJ Maxx, we're, TJX, Jim Cramer's, Jamie Schwaberow Organizations: Halliburton, HAL, Caterpillar, Nvidia, Constellation Brands, Emerson Electric, Coterra Energy, TJX Companies, CAT, Wells, Apple, Corona, Modelo, Constellation, Emerson, Morgan, Goods, CNBC, Workers, Halliburton Co, Anadarko Petroleum Corp, Bloomberg, Getty Locations: Wells Fargo, Wells, Dacono , Colorado, U.S

☆ Berkshire Hathaway boosts stake in Occidental Petroleum to 25%
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Berkshire Hathaway Inc (BRKa.N) said on Wednesday it has acquired more shares of Occidental Petroleum Corp (OXY.N), boosting its stake in the oil company to above 25%. The conglomerate, controlled by billionaire Warren Buffett, said in a regulatory filing that it paid about $122.1 million for 2.14 million Occidental shares between June 26 and June 28. Berkshire had also purchased about 4.66 million Occidental shares on May 30. It also recently owned about $9.5 billion of Occidental preferred stock carrying an 8% dividend, plus warrants to buy another $5 billion of Occidental shares at $59.62 each. Berkshire had amassed a 22.6% stake in the BNSF railroad before paying $26.5 billion for the remainder in 2010.

Persons: Warren Buffett, Buffett, We're, We've, Jonathan Stempel, Sherry Jacob, Phillips Organizations: Berkshire Hathaway Inc, Occidental Petroleum Corp, Occidental, Berkshire, Anadarko Petroleum Corp, BNSF, Apple Inc, Thomson Locations: Berkshire, Houston, Russia, Ukraine, Occidental, Omaha , Nebraska, Bengaluru

☆ Oregon county sues oil, gas companies including Exxon, Shell, Chevron for deadly 2021 Pacific Northwest heat dome
▼ + stars: | 2023-06-23 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +4 min

Multnomah County in Oregon is suing oil and gas companies Exxon Mobil , Shell , Chevron , BP, ConocoPhillips and related organizations for the damages caused by the 2021 Pacific Northwest heat dome. Multnomah County said these and other fossil fuel companies and entities operating in the region are significantly responsible for causing and worsening the deadly heat event. Starting on June 25, 2021, Multnomah County had three consecutive days where the heat reached 108, 112 and 116 degrees Fahrenheit, respectively. The heat event is called a heat dome which is a weather event caused by a high-pressure system that in this case prevented cooler maritime winds to blow and also prevented clouds from forming. Jessica Vega Pederson, the chair of Multnomah County, is seeking to protect the residents of the county she represents.

Persons: Shanton Alcaraz, Eddy Norby, Jessica Vega Pederson, Pederson, Caron PC, Thomas, Coon, Frost Organizations: Salvation Army Northwest Division, Exxon Mobil, Shell, BP, ConocoPhillips, Anadarko Petroleum, Occidental Petroleum, American Petroleum Institute, Chevron, Koch Industries, Marathon Petroleum, McKinsey & Company, Motiva, Peabody Energy, Specialties USA, Valero Energy, Western States Petroleum Association, Worthington Locations: Seattle , Washington , U.S, Multnomah County, Oregon, Chevron, Pacific, Occidental

☆ Warren Buffett bought more Occidental shares in each of the last six trading days
▼ + stars: | 2023-05-19 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway bought more shares of Occidental Petroleum in each of the last six trading days, boosting its stake in the Houston-based oil-and-gas producer to 24.4%, according to regulatory filings. The Omaha-based conglomerate purchased a total of of 5.6 million shares for $327.2 million over the past six sessions at an average price of $58 a share. Berkshire now owns 217.3 million shares with a market value of nearly $12.7 billion. Shares of Occidental rose nearly 2% in premarket trading Friday. Berkshire 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.

☆ 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.

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.

☆ 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.

☆ Warren Buffett's Berkshire Hathaway snaps up $355 million of Occidental stock, boosting its stake in the energy giant to over 22%
▼ + stars: | 2023-03-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett's Berkshire Hathaway has resumed buying Occidental Petroleum's stock after a five-month break. Buffett's company spent $355 million in three days, raising its stake in the energy giant to 22.2%. Occidental's stock soared nearly 120% last year, making it the S&P 500's best performer of 2022. Buffett's company scooped up 5.8 million Occidental shares during the past three trading days, boosting its stake to 200 million shares or 22.2%, a Securities and Exchange Commission filing on Tuesday revealed. Occidental's stock price surged by nearly 120% last year, making it the S&P 500's top performer of 2022.

☆ These 5 dividend-paying Club stocks are expected to grow earnings double-digits this year
▼ + stars: | 2023-03-08 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +8 min

Wells Fargo (WFC) and Halliburton (HAL) headline a group of five dividend-paying Club stocks that are expected to post robust earnings growth this year. We wanted to see which holdings are projected to boost per-share earnings this year well above the roughly 2% earnings growth estimated for the overall S & P 500 . Investors should also pay attention to valuation, so we excluded stocks trading above the S & P 500's multiple of 18 times forward earnings. Wells Fargo Estimated 2023 EPS growth: 50.7% Dividend yield: 2.7% Forward P/E: 9.4 WFC 1Y mountain Wells Fargo's stock price over the past 12 months. The average price target from analysts who cover Morgan Stanley is about 6% above the stock's closing price of $96.06 on Tuesday.

PayPal CEO Dan Schulman scooped up more than 26,000 shares of his company's stock last week, at a cost of nearly $2 million, according to VerityData and securities filings. Prior to that, Schulman had been a consistent seller of PayPal stock, according to VerityData. PayPal : $1.99 million buy from CEO Dan Schulman on Feb. 17. ConocoPhillips : $0.63 million buy from director Al Walker on Feb. 17 Wintrust Financial : $0.61 million buy from director Brian Kenney on Feb. 16 Devon Energy : $0.53 million buy from CEO Richard Muncrief on Feb. 17. Markel : $0.53 million buy from director Greta Harris on Feb. 17.

☆ Chevron’s CEO short-termism has benefits
▼ + stars: | 2023-02-13 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

That helps explain why the $330 billion oil giant is considering extending his contract beyond mandatory retirement age, according to the Wall Street Journal. Wirth faces mandatory retirement in 2025 when he turns 65, a stipulation that was in place when the company appointed him to be CEO in 2018. Chevron's operating margin last year was 18%, the highest in four decades, and the firm earned a record $35 billion. A year later, after oil prices had fallen by a third, Wirth launched a deal to buy Noble Energy on the cheap. If so, oil companies will be well served by executives who can squeeze additional pennies out of existing production, while buying potentially available rivals when they are cheap.

☆ Jeff Smith makes for a substitute Warren Buffett
▼ + stars: | 2023-01-30 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

With markets sagging and deals drawing opposition, such imprimaturs have a value - and at Ritchie Bros Auctioneers (RBA.TO), it’s the turn of Starboard Value’s Jeffrey Smith to play rescuer. Heavy equipment auctioneer Ritchie Bros ran into both problems in its $7 billion bid to buy salvage-car portal IAA (IAA.N). Announced in November, it quickly drew opposition from IAA shareholder Ancora and Ritchie investor Luxor Capital. Shareholder opposition is expected in market turmoil. As part of the deal, Starboard Value agreed to invest $500 million in Ritchie Bros, with fund boss Jeffrey Smith taking a seat on Ritchie’s board if the IAA deal succeeds.

☆ These stocks were our best and worst performers in the fourth quarter
▼ + stars: | 2022-12-30 | by ( Jeff Marks | ) www.cnbc.com time to read: +10 min

What made the fourth quarter stand out from the first three of the year? Here's a snapshot of the best and worst performers in the Investing Club's 33-stock portfolio for the fourth quarter, starting with our top 4 performers. Worst performers Turning to what didn't work in the fourth quarter, the worst performer for the club was Amazon (AMZN), which fell 27.6% in the quarter. Revenues declined year-over-year for the second quarter in a row, but that was mostly anticipated by the market. The fourth worst performer was Walt Disney (DIS), which fell 10.8% in the quarter It all unraveled for Disney after it reported a much weaker-than-expected fiscal fourth quarter in November.

☆ How an oil fracking boom to bust startup plans to thrive in the climate change era
▼ + stars: | 2022-09-23 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +17 min

And in a way, Duncan thought the science wasn't a good match for the blunt process of oil and gas drilling. The Covid downturn in 2020 capped close to a decade of a bear market for oil and culminated in the negative spot prices in the oil market in May 2020. Oil and gas was changing from a growth business to a value business, and oil company management were much more focused on fiscal discipline. That concentration of equipment and infrastructure's resulting reduced costs was not good for an oil services company. And there have been a lot of surprises along the way – how the shale boom became its biggest business, followed by how quickly the science became commoditized in the oil market.

Search resuls for: "Anadarko Petroleum"

19 mentions found