Warren Buffett’s Berkshire Hathaway Inc (NYSE:BRK.A) has bought more shares in Occidental Petroleum Corporation (NYSE:OXY), taking its total stake in the oil company to 22.2%.
Berkshire paid about US$355mln for 5.8mln shares, according to Reuters, between 3 March and 7 March, nearly five months after it last bought the stock.
In August, the conglomerate won a US Federal Energy Regulatory Commission permission to purchase up to 50% of Occidental.
Buffett’s company now owns about 200mln shares worth U$12.2bn, based on Tuesday’s closing price of US$60.85.
Berkshire first started buying large quantities of the stock last year, and since then the share price has more than doubled, benefitting from higher oil prices because of Russia’s invasion of Ukraine.
After surpassing a 20% ownership, Berkshire adopted the equity method of accounting for its holdings and now reports its share of Occidental’s results with its own.