Berkshire Paid about $582 million for shares it bought between Wednesday and Friday, according to a Friday night filing with the U.S. Securities and Exchange Commission.
Buffett’s company is the largest shareholder of Occidental, which now holds 163.4 million shares worth about $9.9 billion.
Its stake is roughly 60% higher than that of Vanguard, the next largest shareholder, according to Refinitiv data.
Berkshire has another 83.9 million . There is also a warrant to buy Occidental Share for $5 billion.
Occidental’s share price has more than doubled this year, benefiting from its purchase of Berkshire as well as rising oil prices after Russia’s invasion of Ukraine.
The Berkshire investment has prompted market speculation that Buffett’s Omaha, Nebraska-based conglomerate may eventually buy all of Occidental.
In a June 23 research report, Truist Securities analyst Neil Dingman saw a “good chance” of a Berkshire acquisition once Occidental became investment-grade credit, adding that a purchase would help diversify Berkshire’s energy portfolio. Will do
Occidental is reducing debt, which increased when it bought Anadarco Petroleum Corp for $35.7 billion in 2019.
Berkshire bought Occidental Preferred Stock for $10 billion to help finance that purchase, and obtained the warrant at the time.
It also had a $25.9 billion stake in oil company Chevron Corp at the end of March.
Berkshire’s stock price has fallen 8% this year, compared to a 20% drop in the Standard & Poor’s 500.
Buffett’s company owns dozens of businesses, including BNSF Railroad, Geico Car Insurer and its namesake energy business, as well as stocks including Apple Inc. and Bank of America Corp.