Warren Buffett’s Berkshire Hathaway now owns nearly $11 billion worth of Occidental Petroleum stock after buying another 1.9 million shares in the past week.
The latest purchases of nearly $117 million in stock that Berkshire reported to the Securities and Exchange Commission Monday give the Omaha, Nebraska-based conglomerate control of 19.4% of the oil producer’s stock.
Berkshire is quickly approaching owning more than 20% of Houston-based Occidental’s shares. At that point, Berkshire would be able to start reporting a proportional share of Occidental’s earnings within its own earnings reports, which would give Berkshire a significant boost.
