Acquired oil? Warren Buffett's Berkshire Hathaway went on a shopping for frenzy of Occidental shares

In line with filings with the U.S. Securities and Trade Fee (SEC) Warren Buffett’s Berkshire Hathaway has elevated its holding of shares of Occidental Petroleum to 34%.

Looking for Alpha (gated, however this is not) stated it was a ‘shopping for frenzy’:

• Berkshire went on a shopping for frenzy of Occidental shares final month, accumulating greater than 15M shares at a complete value of about $900M over a sequence of transactions.
• The purchases occurred on the heels of Occidental’s acquisition of CrownRock in a deal valued at $12bn. The acquisition expanded Occidental’s footprint within the prolific Permian Basin by greater than 94K acres.
• The Permian Basin is probably the most worthwhile oil and fuel area within the nation.
• Occidental says lots of its drilling places stay worthwhile even when oil costs fall under $40/bbl

***

Crude replace:

This text was written by Eamonn Sheridan at www.forexlive.com.