Warren Buffett's Berkshire Hathaway buys $275 million more Occidental Petroleum stock amid ongoing slide in oil prices
Berkshire purchased 4.66 million shares of the Houston-based oil producer for about $275 million. The purchases took place between May 25 and May 30 at a weighted average price of about $58.57 per share. Occidental Petroleum stock fell 1.4% on Wednesday to $57.79.
The latest stock buys increased Berkshire Hathaway's total stake in Occidental Petroleum to about 222 million shares, or about 24.9% of the entire company. Berkshire also owns nearly $10 billion of the company's preferred stock, as well as warrants that give it the right to buy $5 billion worth of stock at a fixed price.
Buffett probably isn't done building his stake in the company, given that Berkshire Hathaway has received the green light from regulators
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