Occidental Petroleum and Warren Buffett: What's Going On

Occidental Petroleum Corp OXY stock is down Wednesday as Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) ramps up its stake in the oil company.
The Warren Buffett-backed conglomerate owns 24.9% of Occidental Petroleum after buying about $275 million of stock in the energy company recently, Barron's reports.
The firm procured 4.66 million shares of Occidental Petroleum on Thursday, Friday, and Tuesday in the open market, bringing its total ownership to 222 million shares worth $13 billion.
Related: Warren Buffett's Berkshire Hathaway Ramps Up Stake In Occidental Petroleum Again, Weeks After Denying A Buyout
Buffett began buying shares early since oil prices surged upon Russia's invasion of Ukraine.
Berkshire bought over $300 million of Occidental earlier in May.
On Tuesday, Berkshire accounted for over 15% of the energy company's stock volume as it purchased 2.2 million shares.
Previously Buffett denied reports of Berkshire taking control of Occidental.
Price Action: OXY shares traded lower by 0.65% at $58.21 premarket on the last check Wednesday.
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