Berkshire Hathaway buys 9.9 million more Occidental shares, has 17.4% stake
Warren Buffett's Berkshire Hathaway Inc said it has bought another 9.9 million shares...
Warren Buffett's Berkshire Hathaway Inc said it has bought another 9.9 million shares of Occidental Petroleum Corp, giving it a 17.4% stake in the oil company.
Berkshire paid about $582 million for the shares, which it bought between Wednesday and Friday, according to a Friday night filing with the U.S. Securities and Exchange Commission.
Buffett's company is Occidental's largest shareholder, now owning 163.4 million shares worth about $9.9 billion. Its stake is about 60% larger than that of Vanguard, the next largest shareholder, according to Refinitiv data.
Berkshire also owns warrants to buy another 83.9 million Occidental shares for $5 billion.
Exxon says rising oil and gas prices will net it a Q2 windfall profit of at least $2.5 billion
Exxon Mobil Corp. said in a filing late Friday it expects a boost of at least...
Exxon Mobil Corp. said in a filing late Friday it expects a boost of at least $2.5 billion to its bottom line in the second quarter from rising prices for oil and gas, with billions more coming from higher margins for gasoline and other energy products.
Exxon XOM, +2.23% estimated between $1 billion and $1.4 billion over first-quarter profit due to crude-price changes and between $1.5 billion and $1.9 billion in changes in gas prices.
Changes in margins for energy products could bring between $4.4 billion and $4.6 billion in the quarter, plus between $700 million and $900 million from derivatives not yet settled, the company said in the filing. Maintenance expenses, seasonal natural gas demand drop and others items will offset some of that upbeat view.
Exxon stock rose 0.5% in the after-hours session Friday, after ending the regular trading day up 2.2%. So far this year, Exxon shares advanced 43%, contrasting with losses of around 20% for the S&P 500 index. SPX, +1.06%
Benchmark U.S. crude oil for August delivery rose $2.67 to $108.43 a barrel Friday....
Benchmark U.S. crude oil for August delivery rose $2.67 to $108.43 a barrel Friday. Brent crude for September delivery rose $2.60 to $111.63 a barrel.
Wholesale gasoline for August delivery rose 15 cents to $3.69 a gallon. August heating oil rose 11 cents to $3.94 a gallon. August natural gas rose 31 cents to $5.73 per 1,000 cubic feet.
MarketWatch: Dow climbs more than 300 points ahead of July 4 holiday🇺🇸
U.S. stocks closed higher Friday, shaking off earlier weakness that came after a disappointing...
U.S. stocks closed higher Friday, shaking off earlier weakness that came after a disappointing gauge of manufacturing activity underlined fears that aggressive monetary tightening by the Federal Reserve could lead to a sharp slowdown.
The Dow Jones Industrial Average DJIA, +1.05% rose 321.83 points, or 1%, to close at 31,097.26.
The S&P 500 SPX, +1.06% gained 39.95 points, or 1.1%, to finish at 3,825.33, snapping a four-day losing streak.
The Nasdaq Composite COMP, +0.90% rose 99.11 points, or 0.9%, to end at 11,127.85, also snapping four straight days of losses.
For the week, the Dow booked a 1.3% loss, while the S&P 500 fell 2.2% and the Nasdaq dropped 4.1%, according to FactSet data.
