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Berkshire Hathaway invests more than 20 percent of Occidental Petroleum

Charlie Brooks

Aug 09, 2022 10:27

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Berkshire Hathaway (NYSE:BRKa) Inc purchased further Occidental Petroleum Corp (NYSE:OXY) shares, surpassing the 20 percent barrier at which it may record a portion of the oil company's earnings alongside its own and possibly add billions in profit.


Monday evening, Berkshire stated in a regulatory filing that between August 4 and August 8, it paid approximately $391 million for over 6.7 million Occidental shares.


The buys gave Berkshire 188.4 million Occidental shares, or 20.2% of the reported outstanding shares, worth $11.3 billion.


The equity method of accounting would let Berkshire to report its proportional share of Occidental's earnings with operating results based on its 20 percent investment.


Due to its passive ownership, Berkshire might claim that its accounting for Occidental should stay unaltered.


Analysts at Refinitiv I/B/E/S predict that Occidental will have a profit of $10.5 billion this year.


Of addition, Buffett's company owns $10 billion in Occidental preferred stock, which helped fund the 2019 acquisition of Anadarko Petroleum (NYSE:APC), as well as the right to acquire $83.9 million ordinary shares for $5 billion.


Analysts think that Omaha, Nebraska-based Berkshire may ultimately launch an offer for the entirety of Occidental.


Neither Buffett's assistant nor Occidental reacted swiftly to a request for comment after market hours.


The operating profit generated by Berkshire in the first half of this year was $16.3 billion.


It utilizes the equity method of accounting for food company Kraft Heinz (NASDAQ:KHC) Co, in which it maintains a 26.6% interest, and truck stop operator Pilot Travel Centers, in which its 38.6% holding is expected to expand to 80% in the future year.


In contrast, Berkshire frequently accounts for its 20.2% stake in American Express Co (NYSE:AXP), so limiting its influence.


Monday's closing price for Occidental shares was $60.04 per share. As a result of the rise in oil prices triggered by Russia's invasion of Ukraine, the share price has more than quadrupled this year.


Ending June with a $23.7 billion stake in Chevron Corp (NYSE:CVX) shares, Berkshire owned dozens of companies, including the BNSF railroad, Geico car insurance, and several energy industries, as well as Chevron Corp (NYSE:CVX) shares.

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