New York (CNN Business)Warren Buffett's Berkshire Hathaway is betting that the oil boom isn't going to extremity immoderate clip soon.
Berkshire Hathaway disclosed successful a regulatory filing precocious Wednesday that it spent astir $529 cardinal to bargain astir 9.6 cardinal shares of Occidental Petroleum successful the past week.
Berkshire Hathaway (BRKB) made the purchases betwixt June 17 and June 22. Buffett's conglomerate present owns a 16.3% involvement successful Occidental Petroleum (OXY), making it by acold the largest proprietor of the stock. Mutual money elephantine Vanguard is the 2nd biggest investor, with a astir 11% presumption successful the company.
Occidental Petroleum is the champion performer successful the S&P 500 this year, rising 92% arsenic crude prices person soared. Shares were up much than 3% successful aboriginal trading Thursday.
But Occidental Petroleum isn't the lone vigor institution that Berkshire loves. Chevron (CVX), the Dow's apical banal of 2022, is besides a favourite of Buffett and his investing team. (Berkshire executives Ted Weschler and Todd Combs tally the portfolio on with the Oracle of Omaha.)
Berkshire said it owned a astir $26 cardinal involvement successful the lipid giant, a presumption that trailed lone its stakes successful Apple (AAPL), Bank of America (BAC) and American Express (AXP) astatine the time. The worth of Berkshire's long-time holding successful Coca-Cola (KO) has since eclipsed that of some Chevron and AmEx.
The lipid and vigor concern is besides an important portion of Berkshire's wide operating business. The company's vigor subsidiary owns starring electrical utilities including PacifiCorp and MidAmerican, lipid and earthy state pipelines and respective renewable powerfulness companies.
Greg Abel, the Berkshire vice president who oversees Berkshire Energy and the company's different non-financial businesses, was tapped past twelvemonth to yet succeed the 91-year-old Buffett arsenic CEO of Berkshire Hathaway.