Warren Buffet's Berkshire Hathaway Buys Additional 2.57M Shares Of Occidental Petroleum, Shows SEC Filing

Warren Buffett’s Berkshire Hathaway Inc. BRK BRK has increased its investment in Occidental Petroleum Corporation OXY.

What Happened: Berkshire Hathaway purchased an additional 2.57 million shares of Occidental Petroleum’s common stock between June 5 and June 7, according to a U.S. securities filing.

The investment amounts to over $150 million, increasing Berkshire’s stake in the energy company to about 250.6 million shares.

Occidental Petroleum’s shares closed at $59.48 on Friday, according to Benzinga Pro. As of March, Berkshire held a roughly 28% stake in the company.

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The investment comes after Occidental Petroleum announced a joint venture with Berkshire Hathaway’s energy unit to extract lithium from their geothermal facility in California.

The company’s subsidiary, TerraLithium, entered into a joint venture with BHE Renewables, a wholly-owned subsidiary of Berkshire Hathaway, to develop technology for extracting high-purity lithium from geothermal brine

Why It Matters: In May, the company trimmed its Apple Inc. stake and revealed a mystery stock it had accumulated ahead of the first quarter.

In the same month, Occidental Petroleum reported mixed first-quarter financial results after which the company’s shares experienced a decline.

Price Action: Occidental Petroleum's shares closed at $59.48 on Friday, while Berkshire Hathaway's Class B shares closed at $413.72, according to Benzinga Pro.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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