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TheStreet.com

Occidental Petroleum Stock Jumps As Warren Buffett Adds to $16 Billon Stake

Occidental Petroleum shares jumped higher Monday after billionaire investor Warren Buffett added to both his stake in the oil major and speculation that he may be preparing to buy at least half of its outstanding stock. Buffett boosted his holding in Occidental, which he has been adding to for most of the year, to 26.8%, according to Securities & Exchange Commission filings from late last week, after buying an additional 51.99 million shares. The move came shortly after the Federal Energy Regulatory Commission (FERC) said in late August that Berkshire Hathaway’s additional investment in Occidental was “consistent with the public interest”, giving Buffett the nod to purchase “up to 50%” of the oil major’s common shares.