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Mangeet Kaur Bouns

Warren Buffett Upped His Stake in This Energy Stock Again. Should We Do It, Too?

Warren Buffett OXY Oil Oil and Gas Mangeet Kaur BounsMangeet Petroleum Occidental Petroleum Corporation

Houston-based Occidental Petroleum Corporation (OXY) engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. The company operates through three segments: Oil and Gas; Chemical; and Midstream and Marketing. It has a market capitalization of $56.86 billion.

Last Thursday, Warren Buffett’s Berkshire Hathaway Inc. (BRK.A) announced that it had purchased another 12 million shares of OXY, raising its stake to 18.7% in the oil and gas company. Berkshire owns a total of 175.4 million shares and thus has become the largest shareholder in the energy company.

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