Buffett’s Berkshire keeps buying Occidental Petroleum stock

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Warren Buffett’s Berkshire Hathaway continued buying Occidental Petroleum shares this week just days after he told shareholders that he had amassed a 14% stake in the oil producer. Berkshire Hathaway now controls 15.2% of Occidental’s stock after buying nearly 5.9 million more shares on Monday and Tuesday. Buffett said at Berkshire’s annual meeting on Saturday that he loaded up on Occidental shares earlier this year after reading a presentation the company put together that made a ton of sense to him. Berkshire’s stake in common Occidental stock is now worth roughly $8.8 billion, but Berkshire also holds $10 billion worth of preferred shares and warrants to buy $5.2 billion of additional stock.