Bloomberg headline: Here’s Why Warren Buffett Loves Oil Giant Occidental Petroleum
Berkshire won FERC approval to buy up to 50% of the stock
Full takeover of Occidental could be Berkshire’s biggest ever
Famed investor Warren Buffett is steadily snowballing a stake in Occidental Petroleum Corp. in what could end up being his biggest-ever acquisition. His Berkshire Hathaway Inc. on Friday won approval to buy as much as 50% of the shares. Some investors believe it’s a step toward a full takeover, which may end up costing more than $50 billion.
Here’s why Occidental is attractive to Berkshire:
1. Oil
2. Familiarity
3. Value
4. Cash
5. Shale
6. CEO
7. Inflation Reduction Act