investing.com/news/stock-market-news/buffetts-berkshire-loads-up-another-500m-in-occidental-petroleum-stock-on-recent-weakness-432SI-2840185

By StreetInsider.com Staff

Warren Buffett's Berkshire Hathaway used the recent weaknesses in oil stocks, related to President Biden's attacks on the sector and recession worries, to add more Occidental Petroleum (NYSE:OXY) stock.

In an SEC filing Wednesday evening, Berkshire disclosed it bought another 9.55 million shares at prices from $54.96-$56.42 per share.

The value of the latest purchase was over $500 million.

The latest purchase brings the firm's stake to 152,713,846 shares. Berkshire also owns warrants that cover another 83,858,848 shares, with an exercise price of $59.62, and 100,000 preferred shares.

Shares of Occidental are down 21% since the start of June.

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