Berkshire Hathaway Inc.

Occidental Petroleum Corp. announced April 30 that, in connection with the financing of Occidental’s proposal to acquire Anadarko Petroleum Corp., Berkshire Hathaway Inc. has committed to invest a total of $10 billion in Occidental. The investment is contingent upon Occidental entering into and completing its proposed acquisition of Anadarko.

Berkshire Hathaway will receive 100,000 shares of cumulative perpetual preferred stock with a liquidation value of $100,000 per share, together with a warrant to purchase up to 80 million shares of Occidental common stock at an exercise price of $62.50 per share. The preferred stock will accrue dividends at 8% per annum (or with respect to dividends that are accrued and unpaid, 9%).

On April 24, Occidental made a proposal to acquire Anadarko for $76 per share, comprised of $38 in cash and 0.6094 shares of Occidental common stock per Anadarko share.