Warren Buffett gets permission to buy up to half of Occidental Petroleum, boosting the shares
In this article OXY BRK.A Warren Buffett at press conference during the Berkshire Hathaway Shareholders Meeting, April 30, 2022. CNBC Warren Buffett's Berkshire Hathaway on Friday received regulatory approval to purchase up to 50% of oil giant Occidental Petroleum. Shares of Occidental jumped 7% on the news, pushing its 2022 gains to more than 140%. On July 11, Berkshire filed an application with the Federal Energy Regulatory Commission to buy more of the oil company' ;s common stock in secondary market transactions. The conglomerate argued that a maximum 50% stake wouldn't hurt competition or diminish regulatory authority. Carlos Clay, acting director of division of electric power regulation, granted the permission Friday, saying authorization was "consistent with the public interest." The conglomerate has already increased its Occidental stake drastically this year. Berkshire currently owns 188. 5 million shares of Occidental, equal to a 20.2% position. It...