According to filings with the U.S. Securities and Exchange Commission (SEC) Warren Buffett's Berkshire Hathaway has increased its holding of shares of Occidental Petroleum to 34%.
Seeking Alpha (gated, but this is not) said it was a 'buying frenzy':
- Berkshire went on a buying frenzy of Occidental shares last month, accumulating more than 15M shares at a total cost of about $900M over a series of transactions.
- The purchases occurred on the heels of Occidental's acquisition of CrownRock in a deal valued at $12bn. The acquisition expanded Occidental's footprint in the prolific Permian Basin by more than 94K acres.
- The Permian Basin is the most profitable oil and gas field in the country.
- Occidental says many of its drilling locations remain profitable even if oil prices fall below $40/bbl
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Crude update:
