By Karen Langley

Occidental Petroleum shares escaped a broader market downdraft Wednesday after Warren Buffett's Berkshire Hathaway disclosed it had bought more of the oil company's stock.

Berkshire snapped up almost $36 million of Occidental shares late last week, according to a filing Tuesday night. It owns a little more than 28% of Occidental, according to Dow Jones Market Data.

Buffett has praised Occidental CEO Vicki Hollub, calling her "an extraordinary manager" during Berkshire's annual meeting in 2023.

"We will not be making any offer for control of Occidental, but we love the shares we have and we may or may not own more in the future," the famed stock picker said at the time.

Occidental shares recently hovered around the flatline, while the S&P 500 declined 0.3% and the energy sector fell 1.6%.

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(END) Dow Jones Newswires

February 12, 2025 12:08 ET (17:08 GMT)

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