Warren Buffett Believes in Oil and Occidental Petroleum
Berkshire Hathaway, the investment division of the world-famous entrepreneur and billionaire Warren Buffett, consistently continues to buy shares in the oil and gas shale oil and gas company Occidental Petroleum, operating in the United States.
Buffett’s purchase of shares in the specified American shale oil producer is carried out for decent amounts, and the increase in the share is accelerating. Over the past few days, Berkshire has spent $173 million to acquire 2.9 million shares of Occidental stock. As a result, Buffett’s investment enterprise already owns 29% in the shale producer, the total price of the entire acquired package is $15.4 billion.
The value of Occidental is also growing, but relatively slowly – over the past year, the capitalization of the shale oil industry increased by 3.5%, reaching $53.4 billion.
