Famed investor Warren Buffett is again loading up on shares of energy giant Occidental Petroleum (OXY).
A new regulatory filing reveals that Buffett’s holding company, Berkshire Hathaway (BRK.A / BRK.B), bought nearly 5.8 million shares of the oil company since the beginning of March, paying between $59.80 U.S. and $61.90 U.S. per share.
The latest purchase, totaling more than $350 million U.S., marked the first time that Buffett has increased his position in Occidental Petroleum since September of last year.
Berkshire Hathaway now owns 200 million shares of Occidental Petroleum worth $12.2 billion U.S. based on the current share price of $60.85 U.S.
Occidental Petroleum is now among the top 10 holdings in Berkshire Hathaway’s $332 billion U.S. portfolio.
Occidental’s stock is flat this year after more than doubling in price during 2022 when prices for crude oil were elevated.
Last summer, Berkshire Hathaway received regulatory approval to purchase up to 50% of Occidental Petroleum’s stock, raising speculation that Buffett might buy all of Houston-based oil company.
