Warren Buffett's Berkshire Hathaway Boosts Stake in Occidental Petroleum as Oil Industry Sees Shakeups

Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) ramped up stake in Occidental Petroleum Corp OXY as per latest filings.

Warren Buffett's company disclosed buying 3.92 million shares between October 23 and 25 for an average price of $62.83.

In August, the oil company reported second-quarter adjusted earnings of $0.68 per share on revenue of $6.73 billion compared to the year-ago earnings of $3.16 per share and revenue of $10.74 billion. Analysts, on average, estimated EPS of $0.76. The WTI-grade crude oil fell 6.7% in the second quarter.

The stake boost follows Occidental Petroleum's rival and the second-largest U.S. oil company, Chevron Corp CVX, which disclosed the planned acquisition of Hess Corp HES this week. 

The deal, worth $53 billion, follows top U.S. oil company Exxon Mobil Corp's XOM recent acquisition of Pioneer for $60 billion.

Berkshire has been accumulating shares of Occidental, boosting its stake in the energy producer to 25%.

Price Action: OXY shares traded higher by 0.20% at $63.40 on the last check Thursday.