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Berkshire Hathaway buys more Occidental Petroleum stock worth $310M (NYSE:BRK.B) - Seeking Alpha

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Berkshire Hathaway buys more Occidental Petroleum stock worth $310M (NYSE:BRK.B) | Seeking Alpha
Paul Morigi

- Warren Buffett's Berkshire Hathaway ( BRK.A) (NYSE: BRK.B) has accumulated more shares in Occidental Petroleum ( OXY) this month, bringing its stake in the oil company closer to 28%.
- Berkshire ( BRK.B) bought ~5.18M of Occidental ( OXY) between December 19-21, worth ~$310M.
- The stock purchases were done in four separate transactions at $59.49-$60.504 per share, as per an exchange filing.
- About a week ago, Berkshire ( BRK.B) bought close to 10.5M shares, worth ~$590M, after the oil company signed a $12B deal to buy Permian producer CrownRock.

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Related Knowledge Center: ENERGY BASICS: petroleum

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While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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