Buffett Chips Away at Cash Pile With Bigger Occidental Bet
- Purchase of additional shares comes as price of oil surges
- Analyst is ‘becoming more optimistic about cash deployment’
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Warren Buffett’s high-class problem of too much cash and too few opportunities may be easing.
His Berkshire Hathaway Inc. disclosed Friday that it had snapped up almost 30 million additional shares of Occidental Petroleum Corp., worth roughly $1.6 billion midday Monday amid volatility in stocks due to a potential ban on Russian oil that sent the price of crude surging.