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Warren Buffett should actually love oil. Berkshire boosts Occidental Petroleum stake

Berkshire Hathaway disclosed in a regulatory submitting late Wednesday that it spent about $529 million to purchase almost 9.6 million shares of Occidental Petroleum prior to now week.
Berkshire Hathaway (BRKB) made the purchases between June 17 and June 22. Buffett’s conglomerate now owns a 16.3% stake in Occidental Petroleum (OXY), making it by far the biggest proprietor of the inventory. Mutual fund big Vanguard is the second greatest investor, with a virtually 11% place within the firm.
Occidental Petroleum is the very best performer within the S&P 500 this 12 months, rising 92% as crude costs have soared. Shares have been up greater than 3% in early buying and selling Thursday.
But Occidental Petroleum is not the one power firm that Berkshire loves. Chevron (CVX), the Dow’s high inventory of 2022, can be a favourite of Buffett and his investing crew. (Berkshire executives Ted Weschler and Todd Combs run the portfolio together with the Oracle of Omaha.)
Berkshire disclosed at its annual shareholder assembly in May that Chevron was one of many firm’s core holdings as of the tip of the primary quarter.
Berkshire mentioned it owned a virtually $26 billion stake within the oil big, a place that trailed solely its stakes in Apple (AAPL), Bank of America (BAC) and American Express (AXP) on the time. The worth of Berkshire’s long-time holding in Coca-Cola (KO) has since eclipsed that of each Chevron and AmEx.

The oil and power enterprise can be an necessary a part of Berkshire’s total working enterprise. The firm’s power subsidiary owns main electrical utilities together with PacifiCorp and MidAmerican, oil and pure fuel pipelines and several other renewable energy firms.

Greg Abel, the Berkshire vice chairman who oversees Berkshire Energy and the corporate’s different non-financial companies, was tapped final 12 months to finally succeed the 91-year-old Buffett as CEO of Berkshire Hathaway.

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