Warren Buffett-led Berkshire Hathaway, Inc. BRK BRK disclosed on Thursday that it acquired an additional stake in Occidental Petroleum Corp. OXY, closely following a multi-million-dollar M&A transaction announced by the integrated oil producer.
Here are the details of the trade as per the Form F filed with the SEC:
- Tuesday: Berkshire purchased shares in two tranches — 747,861 shares at a weighted average price of $59.4917, valued at $44.49 million, and 879,122 shares at a weighted average price of $60.1638, valued at $52.89 million.
- Wednesday: 1,812,508 shares at a weighted average price of $60.504, valued at $109.66 million.
- Thursday: 1,743,124 shares at a weighted average price of $60.2631, valued at $105.05 million.
The total value of the transactions amounted to $312.09 million. Occidental closed Thursday’s session up 0.45% at $60.44, according to Benzinga Pro data.
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Why It Matters: After this week’s purchases, Berkshire now holds a total of 243,715,804 Occidental shares, equivalent to 27.77% of the company’s total outstanding shares of 877.58 million.
In addition to the common shares, Berkshire also possesses 84,897 preferred shares of Occidental, convertible to 83,858,848.81 shares at a conversion price of $59.624. The preferred shares were issued on Aug. 8, 2019, as part of its financing to help the oil company acquire peer Anadarko.
Occidental earlier this month agreed to acquire Midland-based oil and gas producer CrownRock L.P. in a $12 billion cash-and-stock deal.
Berkshire has been actively acquiring Occidental shares since early 2022, although Buffett has clarified in the past that he has no intention to acquire the company.
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