Occidental Petroleum's stock price has been under pressure recently, and Berkshire Hathaway maintains a large holding in the energy company, according to a filing late Wednesday.
Berkshire Hathaway's stock position remains unchanged at 27.7% of Occidental.
Occidental stock closed 1.2% lower at $56.80 on Wednesday, its lowest closing price.
Occidental Petroleum's stock price has been under pressure recently, and Berkshire Hathaway maintains a large holding in the energy company, according to a filing late Wednesday.
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Occidental's position in the stock, which owns 27.7% of the stock, remains unchanged.
Occidental stock closed 1.2% lower at $56.80 on Wednesday, its lowest closing price in 2024. Stocks have fallen more than 3% so far this week as West Texas Intermediate crude oil prices have fallen more than $2 a year and energy stocks have sold off. It will rise to about $71.25 a barrel by Wednesday.
Occidental rose 0.9% in early trading Thursday.
Documents filed by Occidental late Wednesday show that Berkshire owned the stock as of Dec. 31.
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Berkshire Hathaway CEO Warren Buffett began accumulating Occidental stock in early 2022, and Berkshire currently owns about $13.9 billion in Occidental stock. The average cost of most of its holdings is in the mid-50s, meaning Berkshire likely isn't making big profits.
Mr. Buffett has been disciplined in his acquisitions of Occidental, typically paying less than $60 per share. Over the past year, he has been buying his shares as soon as they drop below $60.
Corrections and amplifications: Berkshire Hathaway maintained a 27.7% stake in Occidental Petroleum. A previous version of this article incorrectly stated that Berkshire increased his stake to 34%.
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Email Andrew Bary at andrew.bary@barrons.com.
