(Bloomberg) — Occidental Petroleum Corp.’s weaker share price — dragged down by crude oil’s latest rout — is giving Warren Buffett another chance to expand his stake.
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The billionaire investor’s Berkshire Hathaway Inc. has spent more than $800 million to purchase 13.7 million shares of the shale explorer in the last two weeks, according to company filings. The investment firm, the largest Occidental shareholder, now owns 23% of the company, worth roughly $12 billion at current prices.
Berkshire, which last year won approval from US regulators to acquire as much as 50% of Occidental, has been a frequent buyer when its shares fall to around $60.
The Houston-based energy producer has fallen about 8% this year alongside peers as a recent drop in oil prices is seen eroding profits and cash generation in the sector. The turmoil engulfing banks, including Credit Suisse Group AG, has raised fears of a recession, weighing in on fuel prices.
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