Berkshire Ramps Up Wager on Occidental as Crude Prices Surge
- Berkshire purchased 30 million additional shares of Occidental
- Oil topped $115 a barrel on fears of a supply crunch
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Berkshire Hathaway Inc., the conglomerate run by billionaire Warren Buffett, boosted its investment in energy giant Occidental Petroleum Corp. as oil prices hit their highest level in almost a decade.
Berkshire this year purchased almost 30 million additional shares of Occidental, according to a Friday regulatory filing, bringing its total holdings to 113.7 million shares. Omaha, Nebraska-based Berkshire holds about 11.2% of Occidental common shares in an investment currently valued at about $6.4 billion.