Berkshire Hathaway
CEO Warren Buffett tamped down speculation on Saturday that his conglomerate, which owns roughly 24% of
Occidental Petroleum
(OXY), wants to buy the entire company.
“There is speculation that we’re going to buy control—we’re not going to buy control,” Buffett said during the Q&A session of the 2023 Berkshire annual shareholders’ meeting.
“We have the right management running it,” Buffett said, adding that “we wouldn’t know what to do with it” with full ownership.
Buffett praised Occidental CEO Vicki Hollub as an “extraordinary manager,” adding that “we love the position and love having Vicki running it.”
Berkshire began building its current position in Occidental in early 2022, having previously owned a stake in 2019 and 2020.
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