Over the course of eight trading days, Warren Buffet's company has invested about $6 billion into the energy stock.
The company snapped up 27.1 million shares between March 9 and March 11 after spending about $4.5 billion to get 91.2 million shares in the preceding week. As of Friday's close, the latest purchases boosted its stake by 30% to 118 million shares.
After reading the transcript of the fourth-quarter earnings call held on February 25th, Buffett pounced on the stock.
The billionaire told CNBC that he read every word and that he would be doing it.
roxal stock has soared this year due to surging oil prices and fears of supply disruptions due to Russia's invasion of Ukraine In the past two weeks alone, it has jumped by 50%, thanks to the help of billionaire investor Warren Buffet.
The company's common stock is now owned by the conglomerate. It already holds $10 billion worth of preferred shares and warrants in the oil-and-gas company. If the stock price goes past that level, the warrants will be exercised and the shares will be sold for a profit.
The preferred stock and warrants are related to the $10 billion financing agreement that was signed by the two companies. An 8% annual dividend on the preferred shares is what makes the deal worth about $800 million a year.
While looking to deploy around $80 billion of the $150 billion cash pile, he has been unable to find bargains with stocks near record highs and private-equity firms bidding up the price of acquisitions. He's finally found an attractive place to put a chunk of his money after buying a lot of Occidental stock.
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