Buffett's Berkshire Hathaway amasses significant stake in Occidental Petroleum

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Buffett's Berkshire Hathaway amasses significant stake in Occidental Petroleum
Credit: © Reuters.

Warren Buffett, who has been at the helm of Berkshire Hathaway (NYSE: BRKa ) since 1965, has recently shown a significant interest in energy firm Occidental Petroleum (NYSE: NYSE: OXY ). As per the Form 13F filings with the SEC, between January 2022 and October 2023, Berkshire acquired a substantial 228 million-share stake in the company. The move reflects Buffett's anticipation of persistent high crude oil prices due to the ongoing war between Russia and Ukraine and reduced capital expenditure amid the COVID-19 pandemic.

The investment in Occidental Petroleum is in addition to Buffett's consistent investment in tech giant Apple (NASDAQ: NASDAQ: AAPL ), which makes up nearly half of Berkshire Hathaway's $343 billion invested assets. Buffett praises Apple as superior to any other business they own.

However, it is noteworthy that Buffett's most favored investment remains his own company. Following the simplification of the share buyback process on July 17, 2018, he has dedicated over $72 billion to repurchase Berkshire Hathaway shares. This strategy increases the Earnings Per Share (EPS) over time by reducing outstanding shares, enhancing the stock's appeal to long-term investors.

Under Buffett's leadership, Berkshire Hathaway has achieved an aggregate return of 4,300,000% in its Class A shares (BRK.A) since 1965. His investment strategies continue to be closely watched by investors worldwide.

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