Here's Why Warren Buffett Is Driving Shares Of Occidental Petroleum Higher Wednesday

Occidental Petroleum Corp OXY shares are trading higher Wednesday after Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) added to its already large position in the oil exploration and production company.

What Happened: Over the last few trading sessions, Berkshire bought an additional 5.8 million shares of Occidental Petroleum, per a new regulatory filing.

The buys took place between March 3 and March 7 at prices ranging from $59.80 to $61.90.

The new purchase, worth more than $350 million, brings the Buffett-led company's stake up to approximately 22.2%, per Reuters.

Related Link: Warren Buffett's Berkshire Bumps Up Occidental Stake To Over 22% With $355M Stock Buy

OXY Price Action: Occidental has a 52-week high of $77.13 and a 52-week low of $51.03.

The stock was up 2.81% at $62.56 Wednesday morning on the back of the Berkshire filing, according to Benzinga Pro.

Photo: Fortune Live Media from Flickr.