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Occidental Drops After Buffett Said Not Seeking Full Control

  • Occidental falls as much as 3.4% in premarket trading
  • Berkshire didn’t rule out buying more stock in the energy firm

Shares in Occidental Petroleum Corp. dropped in premarket trading after Warren Buffett said Berkshire Hathaway Inc. won’t make an offer for full control of the energy group, tempering speculation he was seeking to own the company after spending months snapping up its shares.

The stock fell as much as 3.4% in early trading before paring losses to 1.5% by 4:11 a.m. in New York. Its shares have dropped 3.7% this year through Friday’s close amid a slump in commodity prices.