business news

Warren Buffett’s company has bet over $45 billion on the oil sector

Warren Buffett_s company has bet over $45 billion on the oil sector

Warren Buffett’s company bought shares in Occidental Petroleum for more than $11 billion this year, giving Berkshire Hathaway control of more than 20% of the oil producer. Occidental shares jumped nearly 5% to trade at $62.89 on Tuesday after Buffett revealed his latest purchases of nearly 6.7 million Occidental shares worth more than $400 million.

Berkshire has repeatedly acquired shares of the Houston driller whenever the stock has dipped below $60 in recent months. Buffett also dropped more than $20 billion in Chevron shares in the first quarter of this year, taking advantage of a surge in oil prices after Russia invaded Ukraine. Berkshire Chevron’s stake is worth more than $24 billion.

In addition to its holdings in companies, Berkshire directly owns more than 90 companies, including BNSF Railroad, Geico Insurance, several major utilities, and an eclectic assortment of manufacturing and retail businesses such as See’s Candy, Dairy Queen, Helzberg Diamonds, Fruit of the Loom, and precision castings. Most of those businesses have done well this year, but Berkshire posted a $44 billion quarterly loss over the weekend due to a sharp decline in the paper value of its stock portfolio.

Comment here