Warren Buffett’s company has bet over $45 billion on the oil sector
Warren Buffett’s company has bought up more than USD 11 billion worth of Occidental Petroleum stock this year, giving Berkshire Hathaway control of more than 20% of the oil producer.
Occidental’s stock jumped nearly 5% Tuesday to trade for USD 62.89 after Buffett revealed his latest purchases of nearly 6.7 million Occidental shares worth more than USD 400 million.
Berkshire has repeatedly acquired shares of the Houston driller whenever the stock falls below USD 60 in recent months. Buffett also dropped more than USD20 billion on Chevron stock in the first quarter of this year and took advantage of the surge in oil prices after Russia invaded Ukraine. Berkshire’s Chevron stake is worth more than USD 24 billion.
