Warren Buffett's Berkshire Hathaway Ramps Up Stake In Occidental Petroleum Again, Weeks After Denying A Buyout

Occidental Petroleum Corp OXY stock is trading up Friday following a ramp-up of stake by Berkshire Hathaway (NYSE: BRK-B).
The Warren Buffett-backed conglomerate boosted its stake in the oil company to 24.4% in exchange for $201 million for 3.46 million Occidental shares between May 16 and 18, Reuters cites regulatory filings.
The firm began buying shares early since oil prices surged upon Russia's invasion of Ukraine.
Berkshire purchased Occidental shares on each of the last six trading days, paying about $327 million for 5.62 million shares.
The hedge fund now owns 217.3 million Occidental shares worth about $12.7 billion.
Berkshire also owns $9.5 billion of Occidental preferred stock carrying an 8% annual dividend, plus warrants to buy $5 billion of Occidental shares at $59.62 each.
It acquired the preferred stock and warrants in 2019 when it helped finance Occidental's acquisition of Anadarko Petroleum Corp.
Previously Buffett snubbed reports of Berkshire buying out Occidental.
Price Action: OXY shares traded higher by 1.10% at $58.89 premarket on the last check Friday.
Photo via Wikimedia Commons

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