Warren Buffett’s Berkshire Hathaway Inc said it has bought another 9.9 million shares of Occidental Petroleum Corp, giving it a 17.4 percent stake in the oil company.
Berkshire paid about $582 million for the shares, which it bought between Wednesday and Friday, according to a Friday night filing with the U.S. Securities and Exchange Commission.
Buffett’s company is Occidental’s largest shareholder, now owning 163.4 million shares worth about $9.9 billion.
Its stake is about 60 percent larger than that of Vanguard, the next largest shareholder, according to Refinitiv data.
Berkshire also owns warrants to buy another 83.9 million Occidental shares for $5 billion.
Occidental’s share price has more than doubled this year, benefiting from Berkshire’s purchases as well as rising oil prices following Russia’s invasion of Ukraine….