Warren Buffett's $600 Million Investment Signals Confidence in Occidental's Latest Deal
Warren Buffett's Berkshire Hathaway invested nearly $600 million in Occidental Petroleum stock over three days, signaling his approval of the energy company's pending acquisition and suggesting he sees value in its shares after a recent decline. Berkshire now owns a 26% stake in Occidental, worth about $14 billion. The purchases followed Occidental's announcement of its $12 billion acquisition of CrownRock. Buffett's support for Occidental's CEO's strategy and the stock's discounted price likely influenced his decision to invest. Berkshire also holds over $8 billion worth of preferred stock and warrants in Occidental.
