Buffett’sinterest in Occidental shown in Berkshire’s 13F filings.
On Aug19, Berkshire Hathaway, a corporation owned by Warren Buffett, won regulatory approval from the Federal Energy Regulatory Commission (FERC) to buy up to 50% of oil giant Occidental Petroleum’s common stock .
This recent regulatory approvalhas increased speculation that Berkshire is about to buy Occidental. Shares of Occidental jumped 10% on the news to close at $71.29 apiece, pushing the company’s market value to around $66 billion.
The story between Buffet and Occidental dates back to as early as several months ago. Since March this year, Buffet has been steadily adding his stakes in Occidental.
His affection for the company is clearly demonstrated in the 13F filings published by Berkshire twice this year.
In Q1, Apple, Bank of America, American Express, Kraft Heinz, and Coca-Cola were among Berkshire’s five biggest stock holdings. Meanwhile, Berkshire bought an additional 5,887,618 shares of Occidental, with holdings in the oil industry worth over $40 billion.
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Back to Occidental Petroleum, it does live up to Buffet’s expectations. Since the beginning of this year, its revenue, driven by the booming crude oil market and Buffet’s operations, has surged by 129%. The earnings report(Occidental Petroleum(OXY) Financial Reports - Data and Analysis - Moomoo)shows that its net sales volume has reached $10.676 billion with a net profit of $3.755 billion, a year-on-year increase of 36 times, 16% higher than what analysts have expected. At the end of Q2, the cash flow generated by its operations stood at $5.329 billion, a record high among all quarters.
Will Occidental finally be part of Buffet’s commercial empire? Let’s wait and see!
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