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Occidental Soars After Filing Shows Buffett Seeking 50% Stake

Friday, August 19, 2022 16:57

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A filing with the Federal Energy Regulatory Commission (FERC) shows that Warren Buffett’s Berkshire Hathaway applied for authorization to grow its stake in Occidental Petroleum from around 20% (last filing) to 50%…

On July 11, 2022, Berkshire Hathaway Inc. (Applicant) filed an application pursuant to section 203(a)(2) of the Federal Power Act (FPA) requesting authorization for Applicant to acquire in secondary market transactions up to 50% of the common stock of Occidental Petroleum Corporation (Occidental) (Proposed Transaction).

FERC’s response allowed Buffett to proceed:

After consideration, it is concluded that the Proposed Transaction is consistent with the public interest and is authorized…

This sent the stock soaring, up almost 10% and up over 20% since we tweeted his interest in buying the dip…

So it seems Buffett is betting against Biden with this massive energy stake?

* * *

Full filing below:

Tyler Durden Fri, 08/19/2022 – 13:34

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