Buys 255 Million Shares For 28 Stake

Berkshire Hathaway Increases Stake in Occidental Petroleum

Buys 255 Million Shares for $28 Stake

Acquisition Strengthens Position in Energy Sector

HOUSTON, Texas (GLOBE NEWSWIRE) – December 11, 2023 – Berkshire Hathaway has purchased 255 million shares of Occidental Petroleum for a stake of roughly 28%, according to reports. The purchase price was approximately $60 per share.

The move strengthens Berkshire Hathaway's position in the energy sector and brings their total stake in Occidental to 28%. Occidental's stock price has increased by more than 50% since the beginning of the year, reflecting investor confidence in the company and the energy industry.

Warren Buffett, CEO of Berkshire Hathaway, is known for his long-term investment strategies and has a history of investing heavily in companies with a strong foundation and growth potential. The acquisition of Occidental shares demonstrates Berkshire Hathaway's belief in the future of the energy industry and the company's potential for ongoing success.

Occidental Petroleum, headquartered in Houston, Texas, is one of the largest independent oil and gas exploration and production companies in the United States. The company has operations in the United States, the Middle East, and North Africa.