Berkshire Sold $8 Billion of Chevron Shares as Prices Soared
A Chevron gas station in Palo Alto, California.
Photographer: David Paul Morris/BloombergBerkshire Hathaway Inc. sold about $8 billion worth of Chevron Corp. shares in the first quarter as the oil giant’s stock reached a record high.
Berkshire’s sale reduced its position in Chevron by about a third, leaving it with a 4.2% stake, the company said a filing Friday. The Omaha-based conglomerate, formerly run by Warren Buffett, was still Chevron’s fourth-biggest shareholder after the sale, according to data compiled by Bloomberg.