“Stock God” Buffett continues to increase Occidental Petroleum (Occidental Petroleum) (OXY-US), and then knocked in 1.94 million shares, bringing the shareholding ratio close to 20%, showing that Buffett seems to be optimistic regarding the prospect of oil.
Berkshire’s (BRK.B-US) filing with regulators on Monday (18th) showed that it invested a total of $112 million from July 14 to 16, bringing its shareholding ratio to 19.4% and a total market value of regarding 109%. One hundred million U.S. dollars.
If Berkshire’s stake reaches 20%, Berkshire will be able to recognize Occidental’s earnings in its earnings report, which is known as equity accounting. Analysts expect Occidental to post a net profit of regarding $10.7 billion this year.
Buffett’s big purchase of Occidental shares has sparked speculation among analysts that he might buy Occidental, arguing that the deal would help Berkshire diversify its energy portfolio.
Occidental oil’s share price has doubled this year following the Russian-Ukrainian war spurred a sharp rise in international oil prices, closing up 2.28% to $60.05 on Monday.
