Here’s why Warren Buffett bought all the Occidental Petroleum shares he could, even with oil prices well above $100

Reuters

Berkshire Hathaway buys 9.6 million more Occidental shares, raises stake to over 16%

The purchases were made over the past week and cost about $529 million, Berkshire said in a regulatory filing on Wednesday. Following the purchases, Berkshire now owns about 152.7 million Occidental shares worth about $8.52 billion based on Occidental stock’s Wednesday close, which is down over 21% since it touched its year’s high in May. However, Occidental’s share prices are currently up over 90% this year, after more than doubling, as they benefited from Berkshire’s purchases and rising oil prices following Russia’s invasion of Ukraine.