The Oracle of Omaha has set his sights on the oil industry. Berkshire Hathaway, the holding company helmed by investing titan Warren Buffett, has upped its stake in Houston-based Occidental Petroleum, buying up shares over the past nine trading days to bring its holdings to almost 29% of the firm, according to SEC filings.
The recent buying spree has been years in the making for Berkshire, which worked with Occidental to finance an acquisition in 2019 and received regulatory approval to purchase up to 50% of Occidental back in August 2022, when it held around 20%. At the time, financial experts predicted an acquisition was likely, although Buffett told Berkshire’s annual shareholder meeting in May 2023 that it wasn’t going to take control. “We wouldn’t know what to do with it,” he said.
