By Associated Press
OMAHA, Neb. (AP) — Warren Buffett's Berkshire Hathaway bought more than $500 million worth of Occidental Petroleum shares over the past week as it continued to invest heavily in oil producers this year.
Occidental shares gained more than 2% Thursday after Berkshire disclosed owning 16.3% of the company's stock.
Berkshire also holds 100,000 preferred shares in the company and warrants to buy another 83.9 million Occidental shares for $59.62 apiece.
In addition to its Occidental investment, Berkshire dropped more than $20 billion on Chevron shares earlier this year to make it one of the conglomerate’s five biggest investments alongside its massive Apple stake and sizeable investments in Bank of American, American Express and Coca-Cola stock.