Berkshire Hathaway stake in Occidental Petroleum now 34%

In a regulatory filing last night, it was disclosed that Berkshire Hathaway (BRK.A) and Warren Buffett now hold a 34.0% stake in Occidental Petroleum (OXY). “The shares of Common Stock of Occidental Petroleum Corporation reported in this Schedule 13G include warrants for an aggregate of 83,858,848.81 shares of Common Stock exercisable by certain of the Reporting Persons within 60 days, or the ‘Berkshire Warrants’. All shares of Common Stock underlying the Berkshire Warrants are treated as outstanding for purposes of computing the percentage ownership of each of the Reporting Persons reported in this Schedule 13G. The Berkshire Warrants were issued on August 8, 2019 initially for 80,000,000 million shares of Common Stock at an exercise price of $62.50 per share, but on June 26, 2020, Occidental’s Board of Directors declared a distribution to its common shareholders of warrants to purchase additional shares of Common Stock, which distribution resulted in an anti-dilution adjustment to the Berkshire Warrants that lowered the exercise price to $59.624 per share and increased the number of shares of Common Stock issuable on exercise of the Berkshire Warrants to 83,858,848.81. The Berkshire Warrants have not been exercised,” the filing stated.