{"id":1561748,"date":"2022-07-19T18:05:24","date_gmt":"2022-07-19T22:05:24","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1561748"},"modified":"2022-07-19T18:05:36","modified_gmt":"2022-07-19T22:05:36","slug":"buffetts-berkshire-edges-closer-to-20-occidental-stake","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/buffetts-berkshire-edges-closer-to-20-occidental-stake\/","title":{"rendered":"Buffett\u2019s Berkshire edges closer to 20% Occidental stake"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbuffetts-berkshire-edges-closer-to-20-occidental-stake%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1561748&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Jonathan Stempel<\/p>\n<p>(Reuters) -Warren Buffett\u2019s Berkshire Hathaway Inc purchased another 1.94 million shares of Occidental Petroleum Corp, giving it an $11.4 billion stake and putting it nearer a threshold where it could record some of the oil company\u2019s earnings with its own.<\/p>\n<p>Berkshire\u2019s latest purchases from July 14 to July 18 cost $112 million, and gave Buffett\u2019s conglomerate a 19.4% stake in Occidental, or 181.7 million shares, regulatory filings show.<\/p>\n<p>If it reached 20% ownership, Berkshire could report its proportionate share of Houston-based Occidental\u2019s earnings, through the so-called equity method of accounting, potentially adding billions of dollars to annual profit.<\/p>\n<p>Analysts on average expect Occidental to post about $10.7 billion of net income this year, according to Refinitiv I\/B\/E\/S.<\/p>\n<p>Occidental shares closed up 4.6% at $62.82 on Tuesday. The share price has more than doubled this year, benefiting from rising oil prices following Russia\u2019s invasion of Ukraine.<\/p>\n<p>Omaha, Nebraska-based Berkshire also has warrants to buy another 83.9 million Occidental shares for $5 billion.<\/p>\n<p>It also owns $10 billion of Occidental preferred stock, which helped finance the 2019 purchase of Anadarko Petroleum and generates $800 million of annual dividends.<\/p>\n<p>Berkshire uses the equity method of accounting for its 26.6% stake in packaged food company Kraft Heinz Co, which it controls with Brazilian private equity firm 3G Capital.<\/p>\n<p>Though some analysts and investors have speculated that Berkshire could eventually buy all of Occidental, Berkshire could contend that its accounting should remain unchanged because its stake is passive.<\/p>\n<p>Berkshire also owns dozens of companies, including the BNSF railroad, Geico car insurance and several energy companies, and stocks including Apple Inc, Bank of America Corp and another oil company, Chevron Corp.<\/p>\n<p> (Reporting by Jonathan Stempel in New York; Editing by Matthew Lewis and Jonathan Oatis)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2728130\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6H0Y7-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6H0Y7-VIEWIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2728134\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6H0Y6-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6H0Y6-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Jonathan Stempel (Reuters) -Warren Buffett\u2019s Berkshire Hathaway Inc purchased another 1.94 million shares of Occidental Petroleum Corp, giving it an $11.4 billion stake and putting it nearer a threshold<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1561748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1561748","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1561748"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1561748\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1561748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1561748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1561748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}