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.
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