Warren Buffett’s company has bet $47B on the oil sector
By JOSH FUNK
AP Business Writer
OMAHA, Neb. (AP) — Warren Buffett’s company has now bought up more than $11 billion worth of Occidental Petroleum stock this year to give Berkshire Hathaway control of more than 20% of the oil producer. Occidental’s stock jumped nearly 5% Tuesday to trade for $62.89 after Buffett revealed his latest purchases of nearly 6.7 million Occidental shares worth more than $400 million over the past week. Berkshire also dropped more than $20 billion on Chevron stock in the first quarter of this year and took advantage of the surge in oil prices after Russia invaded Ukraine. That means Berkshire has nearly $47 billion invested in the oil sector because Berkshire also holds $10 billion worth of preferred Occidental shares.