HomeInvestmentsWarren Buffett's Berkshire Increases Its Stake in Occidental Petroleum to 16.4%

Warren Buffett’s Berkshire Increases Its Stake in Occidental Petroleum to 16.4%

Warren Buffett’s Berkshire Hathaway continues to be bullish on Occidental Petroleum. The conglomerate recently bought another 794,389 Occidental shares, bringing its stake in the Texas oil company to 16.4 percent.

This new purchase, worth around $44 million, comes after Berkshire acquired 9.5 million shares in transactions made on June 17th and June 22nd. As a result, Berkshire now owns 153.5 million shares of Occidental that are worth more than $9 billion. And this might just be the beginning.

According to Reuters, Berkshire has options that would allow them to buy a further 83.9 million Occidental shares in the future. If the options get picked up, Berkshire, already the largest individual shareholder of Occidental, would increase its stake to 25 percent.

Berkshire’s investments and increase in oil price have caused a big surge in value for Occidental Petroleum stock (OXY). It spiked 94 percent in the past year and closed at $60.68 per share on Tuesday. It previously peaked at $70.86 in late May.

Besides Occidental Petroleum, Berkshire Hathaway also made a number of other major investments in 2022. It increased its stake in oil giant Chevron, now one of Berkshire’s most significant positions, while also investing in video game powerhouse Activision Blizzard and computer maker HP.

Chipotle Misses on Revenue and Same-Store Sales, Stock Slides

Fast casual restaurant chain Chipotle reported weaker-than-expected earnings for the first quarter of 2025. The company's revenue and same-store sales missed the estimates of...

Tesla Delays the Launch of U.S.-Made Affordable EV

Electric vehicle maker Tesla is delaying the launch of its U.S.-made affordable car for at least several months according to a newest report by...

Netflix’s Resilience Praised by Wall Street Analysts After Strong Q1 Earnings

Streaming giant Netflix continues to be championed by Wall Street analysts, who view the company as “resilient” in a tough economic environment after strong...