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Berkshire Hathaway seeks to buy as much as 50% of Occidental Petroleum

Berkshire has spent this year wagering more on Occidental after first making a bet on the Houston-based oil company three years ago

Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., speaks during the virtual Berkshire Hathaway annual shareholders meeting
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Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., speaks during the virtual Berkshire Hathaway annual shareholders meeting (Photo: Bloomberg)

Kevin Crowley and Katherine Chiglinsky | Bloomberg
Warren Buffett’s Berkshire Hathaway Inc. won approval from US regulators to buy as much as 50 per cent of Occidental Petroleum Corp. after spending months snapping up its shares. Occidental’s stock had its biggest gain in five months.

The Federal Energy Regulatory Commission said in a filing published Friday that Berkshire’s proposed stock purchases are “consistent with the public interest.” Berkshire applied for the authorization on July 11, FERC said.

Berkshire has spent this year wagering more on Occidental after first making a bet on the Houston-based oil company three years ago. Earlier this month, Berkshire reported that it now holds 188

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First Published: Aug 20 2022 | 8:35 AM IST

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