Berkshire Hathaway Holds Over 28% of Occidental Petroleum Common Stock

Berkshire Hathaway's core investments in conventional energy include Occidental Petroleum and Chevron. In April 2019, Berkshire first injected USD 10 billion into Occidental Petroleum to help it acquire Anadarko Petroleum. The investment took the form of preferred stock with an 8% annual dividend, accompanied by warrants to purchase 83.86 million common shares at USD 59.62 per share. In March 2022, after the outbreak of the Russia-Ukraine conflict, Berkshire began buying large amounts of Occidental common stock on the open market, with the first purchases concentrated in the USD 47 to USD 56 per share range.

From 2022 to 2024, Berkshire repeatedly added to its Occidental position during share-price pullbacks, typically below USD 56 to USD 60 per share. As of 2024, Berkshire held more than 28% of Occidental's common stock, amounting to more than 250 million shares, with an overall average build-up cost of about USD 54 to USD 56 per share. In 2023, Buffett said at Berkshire's annual shareholder meeting that Berkshire would not buy control of Occidental Petroleum.

On Chevron, Berkshire first established a position in the fourth quarter of 2020 and substantially increased it in the first quarter of 2022, making Chevron one of Berkshire's four largest holdings. In 2023, Berkshire modestly reduced its Chevron stake, then added again in early 2024, and Chevron remains a core Berkshire holding.