Berkshire Hathaway raises stake in Occidental Petroleum to nearly 29% Per Reuters

(Reuters) – Billionaire Warren Buffett’s Berkshire Hathaway (NYSE: ) Inc acquired an additional 2.95 million shares of Occidental Petroleum (NYSE: ), a regulatory filing showed, bringing his holding in the U.S. oil producer’s common stock to about 29% .

Berkshire disclosed in a US Securities and Exchange Commission filing Monday that it paid about $176 million in three separate purchases of Occidental shares since Thursday.

That acquisition gave Berkshire about 255.3 million Occidental common shares, a stake of about 29% worth about $15.37 billion on Monday. His purchases this month have totaled 5.5 million shares.

In August 2022, Berkshire won US regulatory approval to buy up to 50% of Occidental, but Buffett said he has no plans to acquire the Houston-based company.

Buffett also has warrants to buy an additional 83.5 million shares of Occidental at $59.62 per share, below Occidental’s closing price of $60.20 on Monday.