OMAHA, Neb.—Warren Buffett’s Berkshire Hathaway now controls nearly 20 percent of Occidental Petroleum’s stock after picking up another $250 million worth of shares of the oil producer this week.
Berkshire has been investing heavily in Occidental this year, including buying up more than $1.2 billion of the Houston-based company’s stock so far this month.
After the latest purchases that Berkshire disclosed Wednesday, Buffett’s Omaha, Nebraska, based conglomerate now owns nearly 180 million Occidental shares worth more than $10 billion. That gives Berkshire control of 19.2 percent of the company.
But Berkshire also holds 100,000 preferred shares in the company and warrants to buy another 83.9 million Occidental shares for $59.62 apiece that it picked up in 2019 when it helped finance Occidental’s purchase of Anadarko….