Legendary investor Warren Buffett’s Berkshire has increased its stake in the Houston-based oil producer along with several other companies.
With the latest addition, Berkshire Hathaway Inc has increased its stake in the oil company beyond 20%.
According to a Monday regulatory filing, Berkshire bought about 6.7 million shares of Occidental between Aug. 4 and Aug. 8, according to Reuters. That brings Berkshire’s total holdings to around 188.4 million – or 20.2% of the company’s equity – valued at around $11.3 billion.
With a 20.2% stake, Berkshire could use the equity method to report its proportionate share of Occidental’s earnings as well as its operating results.
Occidental Petroleum Corp’s share price has doubled this year due to rising oil prices following Russia’s invasion of Ukraine.
In the first half of this year, Berkshire Hathaway made $16.3 billion in operating profit. Berkshire owns several large companies.
Here are some of Berkshire Hathaway’s top holdings:
Activision Blizzard: Berkshire Hathaway’s owns a 9.5% stake in the company.
Apple Inc: Berkshire Hathaway owns a 5.7% stake in Apple.
Bank of America Corp: The conglomerate owns a 12.9% stake in the company.
Kraft Heinz Co: Berkshire owns a 26.6% stake in the company.
American Express Company: Berkdhire holds a 20.2% stake in the company.
Davita Inc: Berkshire Hathaway owns a 39.5% stake in the company.
Moody’s Corp: Berkshire Hathaway owns a 13.4% stake in the company.
Chevron Corporation: Berkshire Hathaway owns an 8.1% stake in the company.
(With agency contributions)