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Tuesday, 05/03/2022 1:31:16 AM

Tuesday, May 03, 2022 1:31:16 AM

Post# of 953
Why Does Warren Buffett Favor Occidental Petroleum?

Addressing the shareholders over an earnings call on Saturday, April 30, Billionaire Warren Buffett disclosed that his conglomerate Berkshire Hathaway (NYSE: BRK.A) has significantly increased its stake in the oil sector with a whopping $7 billion invested in Occidental Petroleum (NYSE: OXY) during the first quarter of FY2022. With the investment of about 18 million shares made last month, Berkshire Hathaway’s stake in Occidental Petroleum reached a whopping 14.6% of the outstanding total shares. This is over and above the $10 billion holding of Berkshire in the preferred share capital of Occidental Petroleum.

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