Billionaire Warren Buffett's Berkshire Hathaway Inc. acquired another 2.95 million shares in Occidental Petroleum, a regulatory filing showed, bringing his stake in the U.S. oil producer's common stock to nearly 29%.
Berkshire disclosed in a U.S. Securities and Exchange Commission filing on June 17 that it paid about $176 million in three separate purchases of Occidental shares since June 13.
Those acquisitions gave Berkshire about 255.3 million Occidental common shares, an approximately 29% stake worth approximately $15.37 billion on June 17. His purchases this month have totaled 5.5 million shares.
In August 2022, Berkshire won U.S. regulatory approval to buy up to 50% of Occidental, but Buffett has said he has no plans to acquire the Houston-based company.
Analysts and investors have said an acquisition could diversify Berkshire's energy portfolio, which includes several utilities, electricity distributors and renewable power projects.
The Houston, Texas-based company acquired Permian shale oil producer CrownRock in a $12 billion deal last year to boost its presence in the largest U.S. oilfield.
Buffett also owns warrants to purchase another 83.5 million shares of Occidental at $59.62 per share, below Occidental's closing price of $60.20 on June 17.
Occidental shares, which have gained about 1% this year, were marginally up in premarket trading on June 18.
Recommended Reading
Solaris to Acquire Mobile Energy Rentals, Rename to Solaris Energy Infrastructure
2024-07-10 - Following the closing of its deal to acquire Mobile Energy Rentals, Solaris Oilfield Infrastructure will also be rebranding to Solaris Energy Infrastructure to more closely represent its expanded solutions offerings.
APA Closes Midland Basin, Eagle Ford Divestitures for $660 Million
2024-07-11 - APA Corp. and subsidiary Apache sold non-core assets in the Permian Basin and Eagle Ford Shale sooner than expected, and for less, as the company looks to reduce debt from its Callon Petroleum deal earlier this year.
Martin Resource Sidesteps Firms’ Criticism, Offer for Midstream MLP
2024-07-11 - Martin Resource Management, which in May proposed buying spinoff Martin Midstream Partners, responded to two capital firms’ counteroffer made public July 11 by saying it’s not interested.
US Silica Investors OK Apollo’s $1.85B Take-private Deal
2024-07-16 - U.S. Silica stockholders approved a $1.85 billion all-cash deal with Apollo Global Management, a transaction that will take publicly traded proppant services provider private.
LLOG Exploration Acquires 41 Deepwater Gulf of Mexico Blocks
2024-07-17 - LLOG acquisition makes it the sole interest holder and operator in the 41 Gulf of Mexico blocks.