Skip to content

Warren Buffett just bought $150 million worth of this stock

Warren Buffett just bought $150 million worth of this stock
Elmaz Sabovic

Warren Buffett, famously known as the Oracle of Omaha, has decided to strengthen his stake in Occidental Petroleum (NYSE: OXY) with a substantial purchase recently made by Berkshire Hathaway (NYSE: BRK.A).

Transaction executed at $59.75 per share highlights Berkshire Hathaway’s confidence in Occidental Petroleum. The acquisition adds 0.05% to Berkshire’s portfolio, bringing its total holdings to 250,583,605 shares valued at $153.3 million.

Buffett's purchase of OXY stock. Source: Evan
Buffett’s purchase of OXY stock. Source: Evan

The recent purchase increases Berkshire Hathaway’s stake in Occidental Petroleum to 28.26% of its portfolio, continuing a streak of OXY stock purchases over the previous period.

OXY stock price chart

Buffett may have increased his purchases of Occidental Petroleum shares because the market hasn’t been favorable to OXY stock this year.

In the latest trading session, OXY shares dropped by 1.00% to $59.48, giving Buffett an opportunity to ‘buy the dip’ at this price.

Despite frequent fluctuations, OXY stock has shown resilience in 2024, with a modest decline of 0.95%.

OXY stock YTD price chart. Source: Google Finance
OXY stock YTD price chart. Source: Google Finance

Occidental Petroleum and Berkshire Hathaway formed a joint venture

Occidental Petroleum announced on June 4 a joint venture with Berkshire Hathaway’s energy unit to extract lithium. Using its technology, Occidental will extract and produce high-purity lithium compounds at Berkshire’s geothermal facility in California.

Lithium is crucial for batteries in electric vehicles, consumer electronics, and energy grid storage.

Oil majors are investing in electrification as the U.S. and European governments promote EV use and reduce fossil fuel consumption.

Occidental stated that the project aims to demonstrate the feasibility of its unit’s direct lithium extraction technology in an environmentally safe manner. BHE Renewables, Berkshire’s energy unit, operates 10 geothermal power plants in California’s Imperial Valley. 

Buy stocks now with eToro – trusted and advanced investment platform

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.