Warren Buffett’s Berkshire Hathaway purchased more shares of Occidental Petroleum after the oil and gas producer tumbled more than 30% from its record high.
The Omaha, Nebraska-based conglomerate scooped up 763,017 shares of the Houston-based energy company on Friday for $35.7 million, according to a regulatory filing. Berkshire is Occidental’s biggest investor, holding a 28.2% stake.
Shares of Occidental have fallen nearly 32% from an all-time high reached last April. The stock dropped more than 17% in 2024 as oil prices weakened.
In late December, Berkshire purchased 8.9 million Occidental shares during a broad market pullback. Occidental remains Berkshire’s sixth-largest equity holding.
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