66 Warren Buffett’s Berkshire Hathaway has acquired approximately 2.57 million additional shares of common stock in Occidental Petroleum over the period from June 5 to June 7, as revealed in a recent U.S. securities filing. This latest purchase, totaling over $150 million, raises Berkshire’s holdings in the energy producer to roughly 250.6 million shares. – Total Shares Purchased: 2.57 million – Purchase Period: June 5-7 – Total Investment: Over $150 million – Closing Share Price (June 7): $59.48 – New Total Holdings: Approximately 250.6 million shares – Stake Percentage: Roughly 28% (as of March) This investment signifies Berkshire Hathaway’s continued confidence in Occidental Petroleum, aligning with Buffett’s broader strategy of investing in energy and resource sectors. The significant increase in Berkshire’s stake suggests a bullish outlook on Occidental’s future performance and the potential growth of the energy sector. Adding to the strategic depth of this investment, Occidental Petroleum previously announced a joint venture with Berkshire Hathaway’s energy unit to extract lithium from their geothermal facility in California. This venture represents a significant step into the renewable energy and electric vehicle (EV) markets, as lithium is a crucial component in battery production. Occidental shares closed at $59.48 on June 7, reflecting market confidence and possibly influenced by Berkshire’s significant investment. The acquisition has bolstered Occidental’s market position, with Berkshire’s substantial ownership reinforcing the company’s value proposition to investors. Warren Buffett’s Berkshire Hathaway’s substantial increase in its stake in Occidental Petroleum underscores a strategic bet on the energy sector’s robustness and Occidental’s future growth. The joint venture for lithium extraction further diversifies Occidental’s portfolio, positioning it advantageously in the renewable energy landscape. This move highlights Buffett’s commitment to long-term investments in sectors with substantial growth potential. You Might Be Interested In Univar Solutions and Italmatch Team Up to Deliver Sustainable Water Solutions in North America The US auto salvage sector prepares for an upcoming influx of scrapped electric vehicles JPMorgan Makes Move into Booming Private Credit Market Apple to Introduce Used Genuine Parts in Repair Options Coca-Cola Continues Dividend Streak with 62nd Annual Increase Challenges Mount for Biden’s Clean Energy Agenda