Berkshire Hathaway Inc (BRK.B)

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"Buffett's company joins oil-buying frenzy this week by resuming its Occidental Petroleum buys"

"OMAHA, Neb. (AP) — Investor Warren Buffett joined the recent oil-buying spree in the market this week by resuming Berkshire Hathaway's purchases of Occidental Petroleum stock for the first time in four months.

Buffett's company said in a Securities and Exchange Commission filing late Wednesday that it invested more than $246 million to add to its already massive Occidental stake over the first three days of this week.

Berkshire bought nearly 4 million more shares of the Houston-based oil producer to give it more than 228 million shares and control of nearly 26% of Occidental. Buffett has been consistently buying Occidental stock whenever the shares fell below $60 as he built Berkshire's stake since early last year, but this week he was willing to pay more than $63 for some of these new shares."

"These latest Berkshire purchases began on the same day Chevron announced it was buying Hess Corp. for $53 billion in the second megadeal in the oil sector this month. Less than two weeks earlier, Exxon Mobil said that it would acquire Pioneer Natural Resources for about $60 billion.

"Clearly Buffett, Chevron and Exxon are all betting that oil will remain a significant source of the nation's fuel sources well into the future even as the United States works to transition more to renewable energy sources."

And Buffett knows the oil sector well. Not only is Berkshire the biggest shareholder in Occidental, it also owns more than 123.1 million Chevron shares in its $350 billion portfolio...." [more]

https://finance.yahoo.com/news/warren-buffetts-company-joins-oil-155840596.html