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According to a recent U.S. securities filing, Warren Buffett’s Berkshire Hathaway purchased approximately 2.57 million additional shares of common stock in Occidental Petroleum between June 5 and 7.
This acquisition, costing over $150 million, increases Berkshire Hathaway’s holdings in the energy producer.
Current Holdings:
Following this purchase, Berkshire Hathaway now owns about 250.6 million shares of Occidental Petroleum. As of March, Berkshire owned a roughly 28% stake in Occidental, signifying a substantial investment in the company.
Occidental Petroleum shares closed at $59.48 on Friday. Berkshire Hathaway’s increase in investment reflects confidence in the company’s prospects and future performance.
Joint Venture in Lithium Extraction:
Occidental Petroleum has also entered into a joint venture with Berkshire Hathaway’s energy unit to extract lithium at its geothermal facility in California.
This venture highlights the two companies’ strategic collaboration and their commitment to expanding into new and sustainable energy sources.
