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Warren Buffett’s Berkshire Boosts Stake in Occidental Petroleum. Occidental shares are up 92% for the year, dramatically outperforming the S&P 500. Berkshire Hathaway Inc. just made another $529 million bet on big energy. The transactions, which were made over two days, bring Berkshire's stake to about 16%.

Berkshire began buying shares in Occidental in late February. In the span of about two weeks, Berkshire wound up building a 14% stake in the company. “What Vicki Hollub was saying made nothing but sense,” Buffett said at Berkshire’s annual shareholder meeting.

Occidental shares are up 92% for the year through Wednesday, outperforming the S&P 500. Like other energy stocks, Occidental has benefited from the spike in oil prices following Russia’s invasion of Ukraine. “We should be very happy that we can produce 11 million barrels a day, or something of the sort, in the United States,” Buffett said.
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