{"id":5223,"date":"2023-05-07T02:36:14","date_gmt":"2023-05-07T06:36:14","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/warren-buffett-says-berkshire-not-planning-to-buy-occidental-petroleum\/"},"modified":"2023-05-07T02:36:14","modified_gmt":"2023-05-07T06:36:14","slug":"warren-buffett-says-berkshire-not-planning-to-buy-occidental-petroleum","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=5223","title":{"rendered":"Warren Buffett says Berkshire not planning to buy Occidental Petroleum"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS\/Brendan McDermid<\/span>
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By Jonathan Stempel and Carolina Mandl<\/p>\n

OMAHA, Nebraska (Reuters) – Warren Buffett said on Saturday that Berkshire Hathaway (NYSE:) Inc is not planning to acquire Occidental Petroleum Corp (NYSE:) but remains happy with its large investment in the oil company.<\/p>\n

Speaking at Berkshire’s annual shareholder meeting, Buffett rejected speculation that Berkshire would buy Occidental after having accumulated a 23.6% stake.<\/p>\n

“We will not be making any offer for Occidental,” Buffett said. “We have got the right management.”<\/p>\n

Occidental did not immediately respond to a request for comment.<\/p>\n

Analysts and investors have said an acquisition could diversify Berkshire’s energy portfolio, which includes several utilities, electricity distributors and renewable power projects.<\/p>\n

Berkshire started amassing shares of Houston-based Occidental in February 2022, around when Russia invaded Ukraine.<\/p>\n

Buffett has also had a close relationship with Occidental CEO Vicki Hollub, who has been slashing debt and returning money to shareholders since the company bought Anadarko Petroleum Corp (NYSE:) in 2019.<\/p>\n

“Hollub is an extraordinary manager at Occidental,” Buffett said. “We love having Vicki run it.”<\/p>\n

Occidental and Chevron <\/span><\/span> Corp (NYSE:), another large Berkshire holding, also have significant presences in the Permian Basin, an area in Texas and New Mexico that accounts for a significant amount of production.<\/p>\n

Berkshire ended March owning $21.6 billion of Chevron stock, though it appeared to sell about $6 billion in the first quarter, Edward Jones & Co analyst Jim Shanahan estimated.<\/p>\n

Until recently, Berkshire also owned $10 billion of Occidental preferred stock with an 8% dividend, which helped fund the Anadarko purchase, plus warrants to buy another $5 billion of common shares at $59.62 each.<\/p>\n

Berkshire said on Saturday that Occidental redeemed about $474 million of the preferred stock at a premium, which it had a right to do, reducing dividend payouts.<\/p>\n

Last August, Berkshire won U.S. Federal Energy Regulatory Commission permission to buy up to 50% of Occidental’s common stock.<\/p>\n

It needed the authorization because it would have had exceeded the Federal Energy Regulatory Commission’s 25% ownership limit had it exercised the warrants.<\/p>\n

Buffett, 92, has longed for another large acquisition for his Omaha, Nebraska-based conglomerate, whose dozens of businesses include Geico car insurance and the BNSF railroad.<\/p>\n

Berkshire had a 22.6% stake in BNSF before paying $26.5 billion for the remainder in 2010. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS\/Brendan McDermid By Jonathan Stempel and Carolina Mandl OMAHA, Nebraska (Reuters) – Warren Buffett said on Saturday that Berkshire Hathaway (NYSE:) Inc is not […]<\/p>\n","protected":false},"author":1,"featured_media":2609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-5223","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nWarren Buffett says Berkshire not planning to buy Occidental Petroleum | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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