Berkshire Hathaway boosts Occidental Petroleum stake

Berkshire Hathaway (BRK-B, BRK-A) has boosted its stake in Occidental Petroleum (OXY) again. The conglomerate now has a 29% stake in the oil giant.

Yahoo Finance's Ines Ferré reports on the latest Berkshire purchase.

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This post was written by Stephanie Mikulich.

Video transcript

All right, let's take a look at the energy space.

Berkshire Hathaway boosting its stake in Occidental Petroleum, now holding roughly 29% worth of over $15 billion.29 percent stake in the company.

Yahoo Finances and S for a Has the details on that and, yes, yes on.

And Berkshire Hathaway has once again scooped up shares of Occidental Petroleum, acquiring another 2.95 million shares of the oil and gas company.

It paid 100 and $76 million and three separate purchases of the shares.

And this is Warren Buffet, favourite oil and gas producer.

He has said in the past he believes in the leadership of the company, and he was instrumental, by the way, in backing Occidentals acquisition of an A darker back in 2019.

Now, Buffet has said in the past he does not want to own all of the company or control it, though Berkshire Hathaway does have the right to buy up to 50% of the company, but right now it owns almost 29% of Occidental Petroleum.

If we take a look at the stock price, is it?

It is relatively flat year to date, it's hanging around the $60 level.

But remember that these this stock was the best performer back in 2022 of the S and P 500 outperforming all the other stocks that year.

Guys.

All right, thanks so much for bringing that down for us.