Warren Buffett Stock News

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The Oracle of Omaha is making an even bigger bet on a major oil company as crude prices continue to surge.

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Experts believe that for this reason, Berkshire's stock gained about 2% on Thursday as well. Its shares have risen nearly 15% this year and are trading at record highs.

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Let us tell you that Berkshire Hathaway this week increased its ownership stake in Occidental Petroleum to about 15%.

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Occidental Petroleum

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Berkshire Hathaway disclosed in a regulatory filing earlier this month that it had about a 9% stake in Occidental Petroleum.

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Warren Buffett's Berkshire Hathaway first invested $10 billion in Occidental in 2019 to help buy rival Anadarko Petroleum.

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Occidental Petroleum's shares rose nearly 7% on Thursday after the news broke. Shares of OP became the best-performing stock in the S&P 500.

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Berkshire has benefited from a jump in oil companies along with top energy stocks in the wake of Russia's invasion of Ukraine.

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Occidental Petroleum is a large energy subsidiary of Berkshire with major power, oil and natural gas companies.

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