Occidental Petroleum Corporation (NYSE:OXY) – Warren Buffett Isn’t Finished Buying Occidental Petroleum: How Many Shares Has Berkshire Raised?

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An SEC filing on Friday revealed that Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) CEO Warren Buffett had added 27.1 million shares of Occidental Petroleum (NYSE: OXY) Wednesday through Friday of last week. valued at approximately $1.6 billion. †

What happened: The additional shares were raised after Berkshire spent about $4.5 billion the previous week to buy 91.2 million shares of the oil company.

Berkshire now owns 118.3 million shares of Occidental, representing a 12.7% stake in the company. Since Berkshire owns more than 10% of Occidental, it is required to report transactions in the stock within two business days.

Also read: What was your first? Find out what the first shares of Warren Buffett and Ray Dalio were – plus The Zinger Nation tells all

Why it matters: Buffet’s growing stake in Occidental comes as billionaire activist investor Carl Icahn sold the last of what was once a nearly 10% stake in the company. Icahn cited Occidental’s ill-timed buyout of Anadarko Petroleum worth $38 billion in May 2019 as the reason for his departure.

Occidental has struggled with heavy debt since its purchase, but has paid it off quickly, aided by the spike in energy prices. Vicki Holub, CEO of Occidental, said the company is on track to reduce its net debt to less than $25 billion by the end of the first quarter.

Occidental produces about 1.2 million barrels of oil equivalent daily, the company’s stock is up nearly 90% in the past 12 months as oil prices have risen.

Shares of OXY closed 0.31% at $57.95 Friday.

Photo: Courtesy of Fortune Live Media on Flickr

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