Berkshire Hathaway buys Occidental Petroleum shares worth about $588.7 mln

Berkshire Hathaway (BRKa.N) has acquired nearly 10.5 million shares of Occidental Petroleum (OXY.N) so far this week for about $588.7 million, according to a filing at the U.S. Securities and Exchange Commission on Wednesday. The purchases bring Berkshire’s stake in Occidental to about 27%. The company also holds preferred shares and warrants to acquire another 83.8 million Occidental shares for $4.7 billion, or $56.62 apiece. The shares and warrants were obtained as part of a deal that helped Occidental finance its 2019 purchase of Anadarko Petroleum. If exercised, the warrants would bring Berkshire’s total ownership to 33%.

Occidental closed at $57.22 on Wednesday. Berkshire last bought Occidental shares on Oct. 25 and acquired a 25.8% stake worth approximately $14.4 billion. Berkshire owns dozens of businesses including several energy operations, the BNSF railroad and Geico car insurance, and hundreds of billions of dollars of stocks including Apple (AAPL.O).