The Russo-Ukrainian conflict has led to a sharp rally in crude oil prices and as an extension in stocks of oil and gas manufacturers as well.
Against this backdrop, it has emerged that billionaire investor Warren Buffett has increased his bets on Occidental Petroleum Corporation (NYSE:OXY).
Berkshire Hathaway Inc. (NYSE: BRK-B) owned 91.163 million shares of Occidental, according to the Buffett-owned conglomerate's filing with the SEC on Friday. At Occidental stock's closing price of $56.15 on Friday, the stake is valued at $5.12 billion.
Through the week, Berkshire purchased 61.35 million shares of Occidental at a cumulative value of $3.12 billion.
A 13G filing revealed that Buffett held about 113.67 million shares in Occidental, valued at about $6.4 billion.
Berkshire plowed $10 billion into Occidental in 2019 to help fund the latter's acquisition of Anadarko Petroleum, and received in exchange preferred shares in the company. The Buffett-owned company also holds warrants to buy 83.9 million shares of Occidental at an exercise price of $56.92.
Occidental shares closed Friday's session at $56.15, up 17.59%.
Related Link: Why Goldman Sachs Is Turning Bullish On Occidental Petroleum
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