Buffett Boosts Oxy Stake

Buffett Boosts Oxy Stake
The amount of Occidental securities beneficially owned by Berkshire now stands at 188,366,460, according to a SEC filing.

A recent SEC filing has revealed that Warren Buffett’s Berkshire Hathaway acquired just under seven million more Occidental Petroleum shares for a price of over $390 million.

According to the filing, on August 4, 2,231,566 securities were acquired at a price of $57.8028 and 2,243,809 securities were acquired at a price of $58.6078. On August 5, 114,661 securities were bought at $57.326, 436,862 securities were bought at $58.5066, and 1,116,751 securities were purchased at $59.0869, the filing showed. On August 8, 152,551 securities were acquired at $58.8123 and 385,469 securities were purchased at a price of $60.0162, the filing revealed.

The amount of Occidental securities beneficially owned by Berkshire now stands at 188,366,460, according to the filing. This corresponds to 20.2 percent of Occidental, a Markets Insider report highlighted.

Back in March this year, Bloomberg outlined that Buffett was sitting on Occidental warrants that could give him a 23.6 percent stake in the company.

In May 2019, Occidental entered into a definitive agreement to acquire Anadarko Petroleum Corporation. Occidental highlighted at the time that it expected to fund the cash portion of the consideration through a combination of cash from its balance sheet and fully committed debt and equity financing, including proceeds from a previously announced $10 billion equity investment by Berkshire Hathaway, Inc.

Occidental is an international energy business with assets primarily in the United States, the Middle East and North Africa. The company describes itself as one of the largest oil producers in the U.S. and a leading producer in the Permian and DJ basins.

Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, retailing and services.

To contact the author, email andreas.exarheas@rigzone.com

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