2024-07-10 09:30:00 ET
In the first quarter of 2022, Warren Buffett's holding company Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) revealed a massive stake in Occidental Petroleum (NYSE: OXY) . At the time, Berkshire held about 91 million Occidental shares worth roughly $5 billion -- or just under 10% of the company's total share count. Today, that stake is even bigger. How much bigger? A lot bigger.
Besides Berkshire's initial 91 million shares, it also owned warrants to buy another 83.9 million shares. Those were tied to a 2019 loan worth $10 billion that helped Occidental acquire Anadarko Petroleum, another oil and gas producer.
In the summer of 2022, Berkshire received regulatory approval to buy up to 50% of Occidental. That approval is coming close to being necessary. According to recent filings, Berkshire's stake is now up to 255.3 million shares worth around $15 billion -- nearly 30% of the company's total share count. It also still owns more than 83 million warrants with a strike price of $59.62 per share, just below the current trading price.
For further details see:
How Much Occidental Petroleum Stock Does Warren Buffett Own?