Warren Buffett scoops up another $1 billion in Occidental shares, bringing total stake to $7 billion

Warren Buffett’s Berkshire Hathaway bought an extra 18.1 million shares of Occidental Petroleum for nearly $1 billion over the primary three days of this week.

An SEC submitting Wednesday exhibits it paid a weighted common of $54.41 per share, a complete of $985 million for the brand new shares.

At Wednesday’s shut of $52.99, the Occidental shares are value $959 million.

In whole, Berkshire now reviews proudly owning 136.4 million widespread shares of the oil large, presently valued at $7.2 billion. That represents greater than 13% of OXY’s excellent shares.

Berkshire additionally holds warrants to purchase almost 84 million extra shares at an train value just below $60 per share. They have been obtained as a part of the corporate’s 2019 deal that helped finance Occidental’s buy of Anadarko.

When they’re included, Berkshire’s stake is sort of 22%, and that is the quantity the SEC pays consideration to.

All the 136 million widespread shares now held by Berkshire have been bought during the last 13 buying and selling days.

Shares of Occidental have soared greater than 80% this 12 months as oil costs hit multiyear highs. Berkshire Hathaway’s Class A shares closed above $500,000 for the primary time ever on Wednesday.

On March 7, CNBC’s Becky Fast reported on “Squawk Field” that Buffett informed her, “We began shopping for on Monday [Feb. 28] and we purchased all we might.” Since then, Berkshire has added 45 million extra shares to the 91 million shares bought in the course of the first week of shopping for.

Buffett informed Fast he determined the weekend earlier than to begin shopping for after studying a transcript of Occidental’s Feb. 25 earnings convention name.

“I learn each phrase, and mentioned that is precisely what I’d be doing. She’s [CEO Vicki Hollub] working the corporate the proper approach,” Buffett informed Becky.

Berkshire’s purchases shortly put its stake, together with the warrants, above the ten% set off that requires it to reveal extra purchases inside two enterprise days.