Buffett's Berkshire buys more Occidental shares

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Warren Buffett's Berkshire Hathaway stocked up on oil shares this week, adding to the company's holdings of Occidental Petroleum.

Berkshire bought about 5.9 million more shares of the oil company. The purchases, made on May 2 and May 3, were disclosed in a regulatory finding on Wednesday, according to Bloomberg.

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The share prices were $56 and $58.37 each.

Last weekend, as the Berkshire annual meeting was getting underway, the company announced a 14% stake in Occidental.

Berkshire Hathaway CEO Warren Buffett (FBN)

Buffett said that he decided Occidental was a "good place" to put money after reading an annual report. 

BERKSHIRE HATHAWAY BOOSTS BET ON OIL AHEAD OF SHAREHOLDER MEETING, MAKES CHEVRON 4TH-LARGEST INVESTMENT

That investment comes in addition to the preferred stake that it acquired in 2019 when the oil company was putting together its deal for Anadarko Petroleum Corp.

Berkshire now has a 15.2% interest.

TickerSecurityLastChangeChange %
BRK.ABERKSHIRE HATHAWAY INC.494,343.00+13,145.25+2.73%
OXYOCCIDENTAL PETROLEUM CORP.61.60+2.33+3.93%
CVXCHEVRON CORP.167.63+5.25+3.24%

Occidental was the best-performing stock in the S&P 500 during the first quarter.

Over the weekend, Berkshire also increased its stake in Chevron.

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Oil prices are getting a boost following Russia's invasion of Ukraine.

Vicki Hollub, CEO of Occidental Petroleum, speaks during the 23rd World Petroleum Congress conference at the George R. Brown Convention Center on Dec. 8, 2021 in Houston. (Photo by Brandon Bell/Getty Images) (Photo by Brandon Bell/Getty Images / Getty Images)

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