Why Occidental Petroleum Corporation (OXY) Shares Are Trading Higher Premarket Today - Berkshire Hathaway Inc. New Common Stock (NYSE:BRK/B)

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Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK-A) has purchased additional shares in Occidental Petroleum Corporation OXY, surpassing the 20% stake.
In an SEC regulatory filing, Berkshire said it paid about $391 million for nearly 6.7 million Occidental shares between August 4 and August 8.
The purchases gave Berkshire 188.4 million Occidental shares, or 20.2% of reported shares outstanding, worth $11.3 billion.
Reuters said that a 20% stake would let Berkshire report its proportionate share of Occidental's earnings with operating results through the equity accounting method.
Buffett's company also owns $10 billion of Occidental preferred stock.
According to the Reuters report, some analysts have speculated that Berkshire could eventually bid for all of Occidental.
Occidental share price has more than doubled this year, benefiting from rising oil prices following Russia's invasion of Ukraine.
In July, Berkshire Hathaway spent over $100 million on Occidental Petroleum shares, raising its stake in the energy company to 19.4%.
Price Action: OXY shares are up 2.33% at $61.44 during the premarket session on the last check Tuesday.