Warren Buffet’s Berkshire Hathaway bought Occidental Petroleum stock worth $1.5B after a week after declaring a fresh investment of $3B. The move comes from the backdrop of rising oil prices and a peaking global inflation rate.
Berkshire Hathaway revealed that Buffet bought about $3B of Occidental Petroleum stock 2 weeks ago through a U.S. Securities and Exchange Commission filing statement. The company added another 27.1M shares to their stake and reportedly paid between $51 to $58 in a series of transactions.
The Russia-Ukraine War and sanctions against Moscow have taken oil prices to an all-time high and are not showing any signs of slowing down. Buffet is looking to make most of this opportunity to rack up Occidental’s shares as its stock prices continue to rise. The total number of shares Berkshire Hathaway owns of Occidental Petroleum now numbers 100,000.
