reuters.com/business/berkshire-hathaway-boosts-occidental-petroleum-stake-above-20-2022-08-09
Warren Buffett's Berkshire Hathaway Inc (BRKa.N) bought more shares of Occidental Petroleum Corp. The purchases gave Berkshire 188.4 million Occidental shares, or 20.2% of reported shares outstanding, worth $11.3 billion. A 20% stake would let Berkshire report its proportionate share of Houston-based Occidental's earnings with operating results.

Analysts on average expect Occidental to generate $10.5 billion of profit this year, according to Refinitiv I/B/E/S. Buffett's company also owns $10 billion of Occidental preferred stock, which helped finance the 2019 purchase of Anadarko Petroleum. Berkshire generated $16.3 billion of operating profit in this year's first half.

Berkshire owns dozens of companies including the BNSF railroad, Geico car insurance and several energy businesses. It ended June with a $23.7 billion stake in oil company Chevron Corp. The share price has more than doubled this year, benefiting from rising oil prices following Russia's invasion of Ukraine.
Posted by
wolfofbt
Tap to Copy the Short Url to This Post:
bto.sh/zm8d2vee 
One-Stop Business News backed by Mark Cuban. Free to Use →