Occidental Petroleum
stock has been under pressure recently, and
Berkshire Hathaway
has maintained its large holding in the energy company, according to a filing late Wednesday.
Berkshire Hathaway’s
equity position remains unchanged at a 27.7% stake in Occidental.
Occidental
shares closed Wednesday at $56.80, down 1.2%, its lowest closing price of 2024. The stock has fallen more than 3% so far this week amid a selloff in energy stocks with the price of West Texas Intermediate crude oil down more than $2 a barrel to about $71.25 a barrel through Wednesday.
Occidental rose 0.9% in early trading Thursday.
A filing by Occidental late Wednesday showed Berkshire had held onto its stake as of Dec. 31.
Berkshire Hathaway CEO Warren Buffett began accumulating Occidental stock in early 2022, and Berkshire now owns about $13.9 billion of the company. Its average cost for the bulk of its holdings in the mid 50s, meaning Berkshire likely doesn’t have a big profit.
Buffett has been disciplined about his Occidental purchases and generally paid less than $60 a share. He has been quick to buy the stock whenever it dips below $60 in the past year.
Corrections & Amplifications: Berkshire Hathaway has maintained its 27.7% stake in Occidental Petroleum. A previous version of this article incorrectly said that Berkshire increased its stake to 34%.
Write to Andrew Bary at [email protected]
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