Berkshire Hathaway buys 9.6 million more Occidental shares, raises stake to over 16%

(Reuters) - Warren Buffett's Berkshire Hathaway Inc bought another 9.6 million shares of Occidental Petroleum Corp, increasing its stake to 16.3% as the oil company's shares pulled off a year-high.
The purchases were made over the past week and cost about $529 million, Berkshire said in a regulatory filing Wednesday. This comes on top of a $336 million stock purchase by Berkshire last month and $7 billion in purchases earlier this year.
Following the purchases, Berkshire now owns about 152.7 million shares of Occidental worth about $8.52 billion based on Occidental's stock close Wednesday, down more than 21% since hitting the year's high in May .
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However, Occidental's stock prices are currently up over 90% this year after more than doubling as it benefited from Berkshire's buying and soaring oil prices following Russia's invasion of Ukraine.
Berkshire is Occidental's largest single shareholder. The company also has options to purchase 83.9 million shares of Occidental, which, if exercised, would increase its stake to over 25%.
Berkshire was on a spending spree in 2022. The company spent $51.1 billion on stocks in the first quarter, including an increase in its stake in oil company Chevron Corp. by $25.9 billion.
Analysts have viewed Occidental and Chevron as a way for Berkshire to benefit from surging oil prices following Russia's invasion of Ukraine.
(Reporting by Shubham Kalia in Bengaluru; Editing by Rashmi Aich)
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