Warren Buffett's Berkshire Beefs Up Occidental Stake To Nearly 28% After Oil Producer's $12B CrownRock Mega-Deal

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.

See Also: Best Commodities Stocks

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.

Read Next: Warren Buffett Is Expected To Rake In Over $6 Billion In Dividends In The Next Year – Here Are His 3 Biggest Income-Producing Stocks

Photo Via Flickr