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Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) used the recent weaknesses in oil stocks, related to President Biden’s attacks on the sector and recession worries, to add more Occidental Petroleum (NYSE:OXY) stock.
In an SEC filing Wednesday evening, Berkshire disclosed it bought another 9.55 million shares at prices from $54.96-$56.42 per share.
The value of the latest purchase was over $500 million.
The latest purchase brings the firm’s stake to 152,713,846 shares. Berkshire also owns warrants that cover another 83,858,848 shares, with an exercise price of $59.62, and 100,000 preferred shares.
Shares of Occidental are down 21% since the start of June.
