(Bloomberg) — Occidental Petroleum Corp.’s weak share price — dragged down by crude’s latest decline — is giving Warren Buffett another chance to raise his stake.
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Billionaire investor Berkshire Hathaway Inc has spent more than $800 million to buy 13.7 million shares of the shale explorer over the past two weeks, according to a company filing. The investment firm, the largest Occidental shareholder, now owns 23% of the company, which is worth about $12 billion at current prices.
Berkshire, which last year won approval from US regulators to acquire more than 50% of Occidental, has been a frequent buyer when its shares drop to around $60.
The Houston-based energy producer has fallen nearly 8% this year with peers as the recent plunge in oil prices eroded profits and cash generation in the sector. Troubled banks, including Credit Suisse Group AG, have raised fears of a recession, putting pressure on fuel prices.
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