© 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/File Photo
(Reuters) – Berkshire Hathaway (NYSE:) has acquired nearly 10.5 million shares of Occidental Petroleum (NYSE:) so far this week for about $588.7 million, according to a filing at the U.S. Securities and Exchange Commission on Wednesday.
The purchases bring Berkshire’s stake in Occidental to about 27%. The company also holds preferred shares and warrants to acquire another 83.8 million Occidental shares for $4.7 billion, or $56.62 apiece.
The shares and warrants were obtained as part of a deal that helped Occidental finance its 2019 purchase of Anadarko Petroleum (NYSE:). If exercised, the warrants would bring Berkshire’s total ownership to 33%.
Occidental closed at $57.22 on Wednesday.
Berkshire last bought Occidental shares on Oct. 25 and acquired a 25.8% stake worth approximately $14.4 billion.
Berkshire owns dozens of businesses including several energy operations, the BNSF railroad and Geico car insurance, and hundreds of billions of dollars of stocks including Apple (NASDAQ:).