Berkshire Hathaway bought another 5.2 million shares of Octidental Petroleum (OXY) this week, bringing its stake in the U.S. oil producer to 27, Warren Buffett's conglomerate said in regulatory filings with the U.S. Securities CommissionAround 7%.
Between Dec. 19 and Dec. 21, Berkshire Hathaway purchased Oxy for around $60 per share, with a total payout of about $3 for the week, according to the filing$1.2 billion. As of December 21, OCCIDENTAL Petroleum held a total of 243715804 shares of Oxy common stock and 84,897 Series A preferred shares.
Last week, Warren Buffett's company bought nearly $5$900 million Octidental Petroleum** after the U.S. oil company announced it would acquire Permian oil drilling company Crownrock.
Earlier last week, OCCIDENTAL Petroleum said it would acquire Permian oil and gas producer Crownrock for cash and a deal worth about $12 billion, including debt.
Octidental Petroleum has signed a purchase agreement to acquire Crownrock, which has a net acre count of more than 9., when announcing the latest large-scale acquisition of the U.S. oil industry on Dec. 11The 40,000-acre premium stacked payment assets and supporting infrastructure are "well-positioned with OCCIDENTAL Petroleum's traditional Midland Basin operations".
Berkshire Hathaway, which helped buy rival Anadarko in 2019, began buying Octidental Petroleum's ** last year, sparking speculation that it would take over the company.
Buffett denied that he had such plans at Berkshire Hathaway's annual shareholder meeting earlier this year. "We don't know where the price of oil will be, but we like OCCIDENTAL Petroleum's position in the Permian," Buffett told shareholders at Berkshire Hathaway's annual meeting in early May. Buffett added: "There's speculation that we're going to buy control, but we're not going to buy control. We don't know what to do. ”
To date, Berkshire Hathaway is the largest shareholder in Octidental Petroleum. In addition to the warrants, the company owns $10 billion worth of Octidental Petroleum preferred stock with a dividend of 8%. (Compiled by Xiao Chen).
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