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☆ Warren Buffett's Berkshire Hathaway scoops up more Occidental shares on the oil dip
▼ + stars: | 2023-03-16 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Warren Buffett 's Berkshire Hathaway snapped up more shares of Occidental Petroleum , taking advantage of sliding oil prices amid the spreading banking crisis. The Omaha, Nebraska-based conglomerate bought 7.9 million shares in multiple trades on Monday, Tuesday and Wednesday, a new regulatory filing showed. That brought Berkshire's total number of shares in Occidental to 208 million shares, 23.1% of the oil giant's outstanding shares. The "Oracle of Omaha" had purchased 5.8 million shares for $352.5 million on March 3, March 4, and March 7. Occidental shares opened slightly lower on Thursday.

☆ Berkshire Hathaway resumes Occidental purchases, stake reaches 22.2%
▼ + stars: | 2023-03-08 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Berkshire paid about $355 million for 5.8 million Occidental shares between March 3 and March 7, according to the filing. Buffett's company now owns about 200.2 million Occidental shares worth $12.2 billion, based on Tuesday's closing price of $60.85. Berkshire also owns $10 billion of Occidental preferred stock that throws off $800 million of annual dividends, plus warrants to buy another $5 billion of common stock. Occidental ended January with about 900 million shares outstanding. Berkshire ended 2022 with $128.6 billion of cash and equivalents.

☆ 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.

☆ Oxy CEO Vicki Hollub doesn't seem worried about White House pressure on buybacks, oil prices
▼ + stars: | 2023-03-07 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +6 min

That new fiscal approach from the energy patch has not made the White House happy, especially when oil prices and oil company profits were at a peak last year. Gas prices are right where they should be right now, she says, and are likely to stay this way. If there is risk to gas prices this year, it's to the upside. Amid high gas prices last year, the Biden administration released the most oil from the Strategic Petroleum Reserve on record, 180 million barrels. Among the reasons oil prices will remain higher?

☆ Warren Buffett's Berkshire Hathaway likely boosted its Chevron bet last quarter. Here are 6 key insights from its Q3 earnings.
▼ + stars: | 2022-11-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Berkshire benefited from higher interest rates and a stronger US dollar. It also revealed the billion-dollar hit to its insurance business from Hurricane Ian, and the positive impact of higher interest rates and a stronger US dollar on its operations. The discrepancy suggests it raised its stake to about 170 million shares last quarter. It owned about 908 million shares of the iPhone maker at the end of December, and purchased nearly 4 million more shares in the second quarter of this year. The US central bank's rate increases boosted the amount of interest that Berkshire earned on its cash and Treasury bills.

☆ Berkshire Hathaway could boost earnings after Occidental accounting change
▼ + stars: | 2022-11-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Nov 5 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) could soon see a boost to its bottom line after changing its accounting for its big stake in Occidental Petroleum Corp (OXY.N). In its quarterly report on Saturday, Berkshire said it adopted the equity method of accounting for its 20.9% stake in Occidental, which is worth more than $14 billion. Accounting rules normally require the equity method when one company's stake in another reaches 20%, reflecting an assumption that the first company might exert significant influence. Kraft Heinz is controlled by Berkshire and Brazil's 3G Capital, and its board includes three directors from Berkshire. Some investors and analysts have said Berkshire could eventually buy Occidental, diversifying its energy portfolio.

Sept 28 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) bought another 5.99 million shares of Occidental Petroleum Corp (OXY.N), boosting its stake to 20.9% after the oil company's shares lost about a fifth of their value in less than a month. The purchases were made between Sept. 26 and Sept. 28 and cost about $352 million, Berkshire said in a regulatory filing on Wednesday. Following the purchases, Berkshire now owns about 194.4 million Occidental shares worth approximately $11.9 billion, based on Occidental's Wednesday closing price of $61.41. Register now for FREE unlimited access to Reuters.com RegisterBerkshire had gone seven weeks since its last purchase of Occidental shares, which pushed its stake above 20%. Occidental's share price has more than doubled this year, benefiting from rising oil prices following Russia's Feb. 24 invasion of Ukraine.

☆ Warren Buffett buys more Occidental Petroleum after shares slide 18% in one month
▼ + stars: | 2022-09-29 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Berkshire's stake in Occidental has now reached 20.8% after steadily increasing the bet over the past few months. In August, Berkshire received regulatory approval to purchase up to 50%, spurring speculation that it may eventually buy all of of Houston-based Occidental. Shares of Occidental retreated 18% over the past month as oil prices dropped on rising recession fears. Berkshire also holds warrants to buy another 83.9 million common shares for $5 billion, or $59.62 each. The Berkshire stake in Occidental would rise to 27.4% if it exercised those warrants.

☆ Warren Buffett's 91st year marked by a huge focus on Berkshire Hathaway's energy empire
▼ + stars: | 2022-08-30 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

Warren Buffett turns 92 on Tuesday, having spent the past year expanding further his Berkshire Hathaway energy empire, making a classic value investor's bet. Plus, many energy stocks have found themselves with torrents of cash flow since the economy reopened following Covid lockdowns. "All of this just sounds like the perfect Berkshire Hathaway stock." If Berkshire continues to ramp up its Occidental investments and makes the position a controlling one, it probably reflects the influence of Greg Abel, Buffett's likely successor who has been leading the conglomerate's energy unit Berkshire Hathaway Energy. Berkshire acquired MidAmerican Energy in 1999, and Abel became CEO of MidAmerican Energy in 2008, six years before it was renamed Berkshire Hathaway Energy in 2014.

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