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Billionaire Warren Buffett’s Berkshire Hathaway (NYSE:BRK.B) disclosed a more than $5B stake in oil giant Occidental Petroleum (NYSE:OXY), including purchasing $3B shares this week.
Berkshire Hathaway owns 91M shares, or slightly less than 10% stake, in Occidental Petroleum (OXY), according to the latest filings from Friday. The fund disclosed owning 30M shares of March 1 and added another 60m buying the stock on Wednesday, Thursday, and Friday, at prices ranging from $47.07 to $56.45.
Berkshire Hathaway in total owns about 175M shares of Occidental (OXY), including 84M in warrants. In addition, the fund owns 100,000 preferred shares in Occidental it received when it provided $10B to the oil company for its purchase of Anadarko Petroleum in 2019.
The 84M in warrants have an exercise price of $59.62 and are associated with Buffett’s earlier investment in OXY to help facilitate the Anadarko acquisition. Including the warrants, Berkshire would have a $10B stake in OXY.
Occidental Petroleum (OXY) shares soared this week, skyrocketing 45%, including an 18% percent jump on Friday, as crude oil rose to $115 a barrel amid the Russian invasion into Ukraine.
JPMorgan earlier this week said that crude could hit $185 if the Russian self sanctioning continues and Bloomberg reported on Friday that Biden administration is considering a ban on U.S. imports of Russian crude oil.