The billionaire investor’s Berkshire Hathaway Inc. has spent more than $800 million to purchase 13.7 million shares of the shale explorer in the last two weeks, according to company filings. The investment firm, the largest Occidental shareholder, now owns 23% of the company, worth roughly $12 billion at current prices.
Berkshire, which last year won approval from US regulators to acquire as much as 50% of Occidental, has been a frequent buyer when its shares fall to around $60.
The Houston-based energy producer has fallen about 8% this year alongside peers as a recent drop in oil prices is seen eroding profits and cash generation in the sector. The turmoil engulfing banks, including Credit Suisse Group AG, has raised fears of a recession, weighing on fuel prices.