(Bloomberg) – The weaker share price of Occidental Petroleum Corp. — dragging on the most recent downtrend in crude oil — is offering Warren Buffett another opportunity to expand his holdings.
Most read from Bloomberg
Berkshire Hathaway Inc. billionaire investor who spent more than $800 million buying 13.7 million shares of the shale explorer in the past two weeks, according to company filings. The investment firm, Occidental’s largest shareholder, currently owns 23% of the company, which is worth about $12 billion at current prices.
Berkshire, which last year won approval from US regulators to buy up to 50% of Occidental’s shares, was a frequent buyer when its shares fell to about $60.
The Houston-based energy producer has fallen about 8% this year along with its peers as a recent drop in oil prices is seen as eroding profits and cash generation in the sector. The turmoil engulfing banks, including Credit Suisse Group AG, has stoked fears of a recession, affecting fuel prices.
Most read from Bloomberg Businessweek
©2023 Bloomberg LP
