Warren Buffett's investment vehicle Berkshire Hathaway Inc (NYSE:BRK.A) raised its stake yet again in Occidental Petroleum Inc after spending US$44mln buying more shares in the Houston-based oil company.
Berkshire acquired another 794,389 Occidental shares, taking its stake in the company to 16.4%, according to a filing with the US Securities and Exchange Commission (SEC).
The investment company invested around US$$7 billion in Occidental between February 28 and March 16, and almost US$1bn more in the past two months.
Berkshire is the largest individual shareholder in Occidental with around 153.5mln shares worth over US$9bn. It also has options to buy a further 83.9mln Occidental shares, which if exercised, would increase its interest to over 25%.
Berkshire’s investment and the surge in the oil price following the war in Ukraine have boosted Occidental's share price by nearly 90% this year.