Benzinga - by Rounak Jain, Benzinga Staff Writer.
Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK) has increased its investment in Occidental Petroleum Corporation (NYSE:OXY).
What Happened: Berkshire Hathaway purchased an additional 2.57 million shares of Occidental Petroleum’s common stock between June 5 and June 7, according to a U.S. securities filing.
The investment amounts to over $150 million, increasing Berkshire’s stake in the energy company to about 250.6 million shares.
Occidental Petroleum’s shares closed at $59.48 on Friday, according to Benzinga Pro. As of March, Berkshire held a roughly 28% stake in the company.
The investment comes after Occidental Petroleum announced a joint venture with Berkshire Hathaway’s energy unit to extract lithium from their geothermal facility in California.
The company’s subsidiary, TerraLithium, entered into a joint venture with BHE Renewables, a wholly-owned subsidiary of Berkshire Hathaway, to develop technology for extracting high-purity lithium from geothermal brine
Why It Matters: In May, the company trimmed its Apple Inc. stake and revealed a mystery stock it had accumulated ahead of the first quarter.
In the same month, Occidental Petroleum reported mixed first-quarter financial results after which the company’s shares experienced a decline.
Price Action: Occidental Petroleum's shares closed at $59.48 on Friday, while Berkshire Hathaway's Class B shares closed at $413.72, according to Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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