Skip to content
Subscriber Only

Buffett’s Berkshire Sells Common Stock in Occidental Petroleum

  • Berkshire had been receiving dividends in common equity
  • Occidental is down 64% this year amid the oil price crash
Warren Buffett
Warren BuffettPhotographer: Daniel Acker/Bloomberg

Warren Buffett’s Berkshire Hathaway Inc. sold its Occidental Petroleum Corp. common equity in the second quarter, heaping further pressure on one of the worst performers during this year’s historic oil rout.

Berkshire had built up the stake in addition to its $10 billion investment in preferred shares last year, which helped fund Occidental’s ill-fated takeover of Anadarko Petroleum Corp. It also received its most-recent $200 million-a-quarter dividend from the preferred shares in common stock.