Gerard Miller | CNBC
by Warren Buffett Berkshire Hathaway added to its already large Western Petroleum participation on past trading sessions, a regulatory file revealed Tuesday night.
The Omaha-based conglomerate bought nearly 5.8 million shares of the oil company in a few separate trades on Friday, Monday and Tuesday, paying prices in the range of $59.8 to $61.9 , the file showed.
The latest purchase, totaling more than $350 million, marked the first time the “Oracle of Omaha” made its bet since September. Berkshire now owns 200.2 million shares of Occidental, worth $12.2 billion based on Tuesday’s close of $60.85.
Occidental, now among Berkshire’s top 10 holdings, saw its stock retreat about 3% this year after a stellar 2022. The energy name was the best of last year, more than doubling in price .
On Monday, Occidental CEO Vicki Hollub said in an interview with CNBC Brian Sullivan that she met the 92-year-old investor “a few days ago.” Hollub said they talked about the oil and gas industry and the technology involved in it.
August, Berkshire received regulatory approval to buy up to 50%, fueling speculation that it may eventually buy all of Houston-based Western.
Berkshire also owns $10 billion of Western preferred stock, and has mandates to buy another 83.9 million common shares for $5 billion, or $59.62 each. The mandates were obtained as part of the company 2019 deal which he helped finance Anadarko’s Western purchase.