Warren Buffett’s Berkshire Hathaway increases its stake in this oil company – Occidental Petroleum Corp. (OXY)

The Russian-Ukrainian conflict has led to a sharp rise in crude oil prices and, by extension, oil and gas manufacturers’ inventories.

Against this backdrop, it has emerged that billionaire investor Warren Buffett has increased his bets on Western Oil Company (NYSE:OXY).

Berkshire Hathaway Inc. (NYSE: BRK-B) owned 91.163 million shares of Occidental, according to the conglomerate’s filing held by Buffett with the SEC on Friday. At Occidental’s closing price of $56.15 on Friday, the stake is valued at $5.12 billion.

During the week, Berkshire bought 61.35 million shares of Occidental for a cumulative value of $3.12 billion.

A 13G filing revealed that Buffett held about 113.67 million shares of Occidental, valued at about $6.4 billion.

Berkshire invested $10 billion in Occidental in 2019 to help fund the latter’s acquisition of Anadarko Petroleum, and received preferred stock in the company in return. The Buffett-owned company also holds warrants to buy 83.9 million shares of Occidental at a strike price of $56.92.

Occidental shares closed Friday’s session at $56.15, up 17.59%.

Related Link: Why Goldman Sachs Is Going Bullish on Occidental Petroleum

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