Occidental Petroleum (NYSE:OXY) stock is in the news Monday after investor Warren Buffett said he doesn’t intend to acquire the U.S. oil company.
During a recent shareholder meeting, Warren Buffett told investors that Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B) has no intention of acquiring Occidental Petroleum. Buffett said the firm wouldn’t know what to do with the company if it bought it.
Instead, Buffett clarified his stance on OXY stock in a statement obtained by CNBC:
“We will not be making any offer for control of Occidental, but we love the shares we have […] We may or may not own more in the future but we certainly have warrants on what we got on the original deal on a very substantial amount of stock around $59 a share, and warrants last a long time, and I’m glad we have them.”
Buffet currently holds a 23.5% stake in Occidental Petroleum through Berkshire. That comes from $10 billion worth of OXY stock and warrants to acquire another 83.9 million shares for $5 billion. The firm also has regulatory approval to acquire up to a 50% stake in Occidental Petroleum.
OXY Stock Movement Today
As of Monday morning, some 2 million shares of OXY stock have changed hands. That’s still below its daily average trading volume of about 13.6 million shares. Also, the stock is down nearly 1% as of this writing.
Investors looking for more of the most recent stock market news will want to stick around!
We’ve got all of the biggest stock market stories traders will want to read about on Monday! A few examples include why shares of Palantir (NYSE:PLTR), Tupperware Brands (NYSE:TUP) and Aptorum (NASDAQ:APM) stock are moving today. You can catch up on that news at the following links!
More Monday Stock Market News
- Palantir (PLTR) Stock Pops Ahead of Earnings
- Why Is Tupperware Brands (TUP) Stock Down 8% Today?
- Why Is Aptorum (APM) Stock Down 16% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
