Energies Media
  • Magazine
    • Digital Magazine
    • Digital Magazine Archive
  • Features
  • Upstream
  • Midstream
  • Downstream
  • Renewable
    • Solar
    • Wind
    • Hydrogen
    • Nuclear
  • People
  • Events
  • Advertise
No Result
View All Result
Energies Media
No Result
View All Result

Berkshire Buys Nearly 2.57MM More Shares from Occidental

by Energies Media Staff
June 12, 2024
in Exploration & Production, Investments, News, Oil and Gas News, Scoop.it
f6aa84f2 3e00 4d69 a010 1dcd8e2520a9
Baker Hughes

Oil Companies Cut Millions in Wrong Places as Clean Energy Reshapes Industry

Texas Consultancy Develops AI to Address Project Challenges in the U.S. Energy Sector

Billionaire Warren Buffett bought almost 2.57 million common stocks from Occidental Petroleum Corp. last week for about $153.3 million.

The purchase, made in three tranches, has increased Berkshire Hathaway Inc’s common shares in the United States energy company to nearly 250.6 million, according to a Berkshire regulatory disclosure. Berkshire now owns nearly 28.3 percent of Occidental common shares, based on Occidental’s latest declared shares outstanding—over 886.6 million units as of April.

Berkshire bought the new shares at an average price of about $59.8 per share. Occidental, listed on the New York Stock Exchange, stayed above $59 per share on closing throughout last week.

Berkshire also holds nearly 85,000 preferred shares in the Houston, Texas-based oil, gas and chemicals producer. Berkshire is the only holder of preferred shares in Occidental.

On May 1 Occidental declared a regular quarterly dividend of $0.22 per share. It paid cash dividends of $332 million in the first quarter of 2024, including $170 million for preferred shares.

Berkshire started investing in Occidental in 2019 with $10 billion paid for preferred shares and common share warrants to aid the latter’s $55-billion acquisition of Anadarko Petroleum Corp. Berkshire began acquiring Occidental common shares in 2022.

Last year Occidental triggered its option to repurchase Berkshire’s preferred stake under the 2019 deal.

“As of March 31, 2024, our investment in Occidental preferred stock had an aggregate liquidation value of approximately $8.5 billion, which reflected mandatory redemptions by Occidental during 2023 of approximately $1.5 billion”, Berkshire said in its latest quarterly filing.

Occidental can also repurchase $1.2 billion worth of common shares remaining under a buyback program authorized 2023.

Occidental reported $718 million in net income for the first quarter, down by $265 million compared to the same three-month period a year ago due to weaker global oil prices and lower domestic petroleum volumes.

Despite the fall, which becomes steeper by prior-quarter comparison, Occidental beat the Zacks Consensus Estimate of earnings per share by 16.1 percent, helped by lower lease operating costs in the U.S.

However, first quarter 2024 earnings included a special net gain of $114 million from litigation settlements.

Occidental averaged 1.2 million barrels of oil equivalent per day in production in the January–March quarter, about the same as the opening quarter of 2023 and the previous quarter and at the midpoint of guidance despite an “extended third-party outage in the eastern Gulf of Mexico”, Occidental said.

Occidental ended the quarter with $8.3 billion in current assets—assets convertible to cash within a year—including $1.3 billion in cash and cash equivalents. Meanwhile, it owed $8.8 billion in current liabilities including $1.2 billion in current maturities as of end-March. Occidental held $720 million in quarterly free cash flow before working capital.

Source: www.rigzone.com

Author Profile
Energies Media Staff
Website
Author Articles
  • Energies Media Staff
    https://energiesmedia.com/author/oilmanwp/
    Drones
    September 8, 2025
    Revolutionizing Renewable Energy with Advanced Drone Technology
  • Energies Media Staff
    https://energiesmedia.com/author/oilmanwp/
    Global Shale Oil and Gas Landscape Set for Growth Beyond US
    August 26, 2025
    Global Shale Oil and Gas Landscape Set for Growth Beyond US
  • Energies Media Staff
    https://energiesmedia.com/author/oilmanwp/
    E-Fuels
    August 13, 2025
    2nd Annual World E-Fuels Summit
  • Energies Media Staff
    https://energiesmedia.com/author/oilmanwp/
    What Happens to Solar and Wind Systems During Natural Disasters?
    August 6, 2025
    What Happens to Solar and Wind Systems During Natural Disasters?
  • Energies Media Staff
    https://energiesmedia.com/author/oilmanwp/
    ship on body of water at night
    August 1, 2025
    Industry leaders to speak at Wood Mackenzie’s Carbon Capture, Utilization and Storage Conference 2025
  • Energies Media Staff
    https://energiesmedia.com/author/oilmanwp/
    ROGII and NRGX Technologies Ltd. Partner to Deliver Seamless LAS Data Integration for Upstream Workflows
    July 31, 2025
    ROGII and NRGX Technologies Ltd. Partner to Deliver Seamless LAS Data Integration for Upstream Workflows
CCUS
Expo

In This Issue

Energies Media Summer 2025

ENERGIES Media (Summer 2025)


U.S. Oil Refineries Face Critical Capacity Test Amid Rising Demand


How to Deploy Next-Gen Energy Savers Without Disrupting Operations


NeverNude Coveralls: A Practical Solution for Everyday Dignity


Energies Media Interactive Crossword Puzzle – Summer 2025


Why Energy Companies Need a CX Revolution


Dewey Follett Bartlett, Jr.: Tulsa’s Champion of Independents


Maximizing Clean Energy Tax Credits Under the Inflation Reduction Act


Bringing Safety Forward in Offshore Operations


Letter from the Managing Editor (Summer 2025)


ENERGIES Cartoon (Summer 2025)


The Hidden Value in Waste Oil: A Sustainable Solution for the Future


Meeting Emergency Preparedness and Response Criteria


Moving Energy Across Space and Time

E-Fuels
ADIPEC
  • Terms
  • Privacy

© 2025 by Energies Media

No Result
View All Result
  • Magazine
    • Digital Magazine
    • Digital Magazine Archive
  • Features
  • Upstream
  • Midstream
  • Downstream
  • Renewable
    • Solar
    • Wind
    • Hydrogen
    • Nuclear
  • People
  • Events
  • Advertise

© 2025 by Energies Media