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Warren Buffett’s Berkshire Hathaway has developed a taste for oil, specifically shares of Occidental Petroleum.

Buffett’s conglomerate has purchased even more shares of the company this month.

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The latest purchase is more than 900,000 shares for about $51.7 million, according to a filing with the Securities and Exchange Commission.

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That brings Berkshire’s total holding to 143.2 million shares.

BUFFETT’S BERKSHIRE BUYS MORE OCCIDENTAL SHARES

The shopping spree began with an announcement last month, prior to the start of Berkshire’s annual meeting, that the company held 14% of Occidental Petroleum. Buffett said that he decided Occidental was a “good place” to put money after reading an annual report.

TickerSecurityLastChangeChange %
OXYOCCIDENTAL PETROLEUM CORP.64.08+4.89+8.26%
BRK.ABERKSHIRE HATHAWAY INC.465,723.87+4,092.87+0.89%

Berkshire bought another 5.9 million shares with the purchases made on May 2 and May 3 at share prices of $56 and $58.37 each.

OCCIDENTAL PETROLEUM POSTS QUARTERLY PROFIT AS OIL RISES

Occidental was the best-performing stock in the S&P 500 during the first quarter.

Earlier this week, Occidental reported a strong quarter, with net income of $4.7 billion, an improvement from a loss of $346 million in the first quarter of 2021.

Earnings per share reached $4.65, compared with a loss per share of 36 cents a year earlier, and adjusted earnings per share reached $2.12 from 15 cents.