Berkshire Hathaway (BRK.A / BRK.B), the holding company of Warren Buffett, has bought an additional 2.6 million shares of Occidental Petroleum (OXY).
Buffett bought more of the stock as the share price fell to $59.48 U.S. per share. Occidental Petroleum’s stock has dropped 17% from a 52-week high of $71.18 U.S. reached in April.
Berkshire Hathaway now owns 250.6 million shares of Occidental Petroleum valued at $15 billion U.S., or 28% of the U.S. energy giant.
Buffett has bought Occidental Petroleum stock whenever it falls below $60 U.S. per share.
Berkshire spent a total of $150 million U.S. on its latest purchase, which was disclosed in a filing with the U.S. Securities and Exchange Commission (SEC).
This was the first time since February of this year that Berkshire Hathaway has bought Occidental Petroleum stock.
Prices for crude oil have slumped in recent weeks, putting downward pressure on energy stocks.
West Texas Intermediate (WTI) crude oil, the U.S. standard, is currently trading at $75 U.S. per barrel. Brent crude oil, the international benchmark, is trading at just under $80 U.S. a barrel.
Buffett has said repeatedly that he isn’t interested in buying all of Occidental Petroleum or taking a majority stake in the oil producer.
However, Buffett has expressed admiration for Occidental Petroleum and its management team led by chief executive officer (CEO) Vicki Hollub.
Occidental Petroleum’s stock is flat over the past 12 months, having risen 0.49% to trade at $59.48 U.S. per share.
Berkshire Hathaway’s class B stock has gained 24% in the last year to trade at $413.72 U.S. a share.
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