FERC approves Berkshire request to buy up to 50% stake in Occidental

Aug. 19, 2022 1:41 PM ETOccidental Petroleum Corporation (OXY), BRK.B, BRK.ABy: Carl Surran, SA News Editor250 Comments

FORTUNE Most Powerful Women Summit - Day 2

Paul Morigi/Getty Images Entertainment

Occidental Petroleum (NYSE:OXY) +5.4% in Friday's trading, spiking after the Federal Energy Regulatory Commission approved a request from Warren Buffett's Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) to accumulate as much as a 50% stake in the oil producer.

In an order just made public, FERC said its authorization was "consistent with the public interest" and subject to various conditions.

Earlier this month, Berkshire disclosed it bought 6.68M more common shares of Occidental, bringing its stake in the energy company to 20.2%.

Recommended For You

Comments (250)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.