Warren Buffett's Berkshire Hathaway Inc has bought another 5.9 million stake in Occidental Petroleum Corp. Buffett increased his stake in the oil company to about 15.2%.
The purchases were made on Mondays and Tuesdays this week and cost about $336 million, Berkshire said in a regulatory filing late Wednesday.
Following the purchase, Berkshire owns approximately 142.3 million shares of Occidental valued at approximately US$8.8 billion, plus the US$10 billion preferred stock it acquired in 2019 to help finance Occidental's purchase of Anadarko Petroleum Corp.
Berkshire also has warrants to buy an additional $5 billion of Occidental stock at a slight discount from Wednesday's closing price of $61.57 per share.
Occidental's share price has more than doubled this year, benefiting from the Berkshire buyout and rising oil prices. The hike would get a further boost after Russia's invasion of Ukraine.
Berkshire has spent a lot of money this 2022. Buffett's investment firm spent $51.1 billion on equity in the first quarter, including increasing its stake in oil company Chevron Corp. to $25.9 billion.
Berkshire also this year announced major investments in video game maker Activision Blizzard Inc and computer and printer maker HP Inc, and a planned $11.6 billion purchase of insurance company Alleghany Corp.
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