Berkshire Hathaway bought more Occidental stock on day of CrownRock deal
By Steve Goldstein
Warren Buffett's Berkshire Hathaway bought stock in Occidental Petroleum on the same day the oil producer announced a $12 billion deal.
A Securities and Exchange Commission filing released Wednesday night showed Berkshire Hathaway (BRK.B) (BRK.A) bought shares in Occidental Petroleum (OXY) on Dec. 11, the same day Occidental announced it was buying CrownRock, a Midland oil and gas producer that is expected to produce 170,000 barrels of oil equivalent per day next year.
The filing shows that in addition to the 2.15 million shares Berkshire Hathaway bought in Occidental on Dec. 11, it made purchases the next two days as well, after not buying any stock in the company in November. The Wall Street Journal in late November had reported talks between Occidental and CrownRock.
Berkshire Hathaway now holds 238 million shares in Occidental, or just over a quarter of the company.
Occidental Petroleum stock has dropped 9% this year. Berkshire Hathaway's B class has gained 17%.
-Steve Goldstein
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
12-14-23 0435ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations