Warren Buffett’s Berkshire Hathaway bought stock in Occidental Petroleum on the same day the oil producer announced a $12 billion deal.
A Securities and Exchange Commission filing released Wednesday night showed Berkshire Hathaway
BRK.B,
BRK.A,
bought shares in Occidental Petroleum
OXY,
on Dec. 11, the same day Occidental announced it was buying CrownRock, a Midland oil and gas producer that is expected to produce 170,000 barrels of oil equivalent per day next year.
The filing shows that in addition to the 2.15 million shares Berkshire Hathaway bought in Occidental on Dec. 11, it made purchases the next two days as well, after not buying any stock in the company in November. The Wall Street Journal in late November had reported talks between Occidental and CrownRock.
Berkshire Hathaway now holds 238 million shares in Occidental, or just over a quarter of the company.
Occidental Petroleum stock has dropped 9% this year. Berkshire Hathaway’s B class has gained 17%.
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