Buffett’s company buys nearly 6M more Occidental shares

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Warren Buffett’s company picked up another $368 million worth of Occidental Petroleum stock this week to give it control of nearly 21% of the oil producer. These are the first purchases Berkshire Hathaway has made since regulators gave it approval last month to buy up to 50% of Occidental, but since February Buffett has been consistently buying shares of the Houston-based company any time they drop below $60 apiece. Berkshire’s Occidental stake is now worth nearly $12 billion after its shares nearly doubled this year after Russia invaded Ukraine and oil prices soared. Berkshire also also holds warrants to buy another 83.9 million Occidental shares.