Buffett Backs Occidental Deal With $590 Million Stock Purchase
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Berkshire Hathaway Inc. has bought nearly $590 million of Occidental Petroleum Corp. stock this week, after the Texas oil company agreed to buy private Permian producer CrownRock LP in one of the biggest energy deals of the year.
The purchases were made in five tranches after the deal was announced on Dec. 11, according to a regulatory filing published late Wednesday. Berkshire has been buying Occidental stock steadily over the last three years and is now the company’s largest shareholder with a stake of just over 27%.