Warren Buffett added more Occidental Petroleum ,OXYstock to his Berkshire Hathaway ,BRKB) portfolio in recent days, as US oil prices skidded to 15-year lows and energy stocks sold off.


Buffett hasn’t been deterred from purchasing OXY shares even as concern about the SVB financial crash spilled into the oil market this week, sending US oil prices to their lowest level since late 2021 with energy stocks veering lower.

Berkshire Hathaway purchased around 8 million shares of Occidental Petroleum this week, according to a regulatory filing late Wednesday. After the purchases, Buffett now has a 23% stake in the Houston-based energy stock, around 208 million shares.

Warren Buffett made his OXY share buys between Monday and Wednesday at prices ranging from $56-$61 per share. Berkshire Hathaway bought around six million shares of Occidental Petroleum stock earlier in the month. Through the latter half of 2022 Buffett was on an OXY shares buying spreewith the billionaire investor targeting shares in the $57-$61.5 price range.

On Wednesday, US oil futures settled down 5.2% at $67.61 per barrel, prices not seen since December 2021, Energy stocks sold off widely as the failure of SVB Financial late last week and Signature Bank of New York on Sunday triggered worries other financial institutions could crash.

Occidental Petroleum closed 3.4% lower, at 56.80, on Wednesday. Buffett purchased 1.5 million shares of Occidental Wednesday at prices ranging from $56.66-$57.15. OXY shares edged up 1.5% to around 57.63 early Thursday during market trading,

Chevron ,CVX), another Buffett favorite, ended Wednesday down 4.3%.

Berkshire Hathaway owns $27 billion in Chevron stock.

Please follow Kit Norton on Twitter @KitNorton for more coverage.


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