The Clap
Warren Buffet’s investment conglomerate Berkshire Hathaway (NYSE: BRK) has bought another 9.6 million shares in Occidental Petroleum (NYSE: OXY).
The Deets
Berkshire’s stake in Occidental now stands at 16.3%, worth about $8.52 billion. Berkshire started purchasing Occidental shares earlier this year.
It’s worth noting that Berkshire’s stake in Occidental could reach 25% if it exercises the options it owns.
Why this matters
Occidental shares, while down around 20% since last month, are actually up almost 80% year-to-date. Needless to say that Russia’s war in Ukraine has been a core catalyst in driving up oil prices & oil companies’ stocks.
