(Bloomberg) — Berkshire Hathaway Inc., the conglomerate run by billionaire Warren Buffett, boosted its investment in energy giant Occidental Petroleum Corp. as oil prices hit their highest level in almost a decade.
Most Read from Bloomberg
Berkshire this year purchased almost 30 million additional shares of Occidental, according to a Friday regulatory filing, bringing its total holdings to 113.7 million shares. Omaha, Nebraska-based Berkshire holds about 11.2% of Occidental common shares in an investment currently valued at about $6.4 billion.
Berkshire did not immediately respond to a request for comment about the purchase.
Berkshire’s additional investment in Occidental comes as the price of crude has surged to multi-year highs following Russia’s invasion of Ukraine and fears of a supply crunch. Oil topped $115 a barrel on news the U.S. is considering a ban on imports of Russian…
