";s:4:"text";s:1833:" Oxy’s stock yields 7.7% and hit 7.9% at one point on Monday. Occidental Peteroleum Corp. is offering you the chance of a lifetime: to be just like Warren Buffett. This cash helped Occidental complete its acquisition of Anadarko Petroleum. Warren Buffett continues to collect a dividend on his Occidental Petroleum investment -- even after the company slashed its payout to common shareholders. Warren Buffett has found a place to apply $10 billion of his $112 billion in spare cash. The Berkshire Hathaway chairman and CEO will invest $10 billion … The fourth quarter of 2019 wasn't an active one for Berkshire Hathaway () in terms of stock purchases. Well, Berkshire Hathaway did precisely that, investing $10 billion in Occidental Petroleum (NYSE: OXY) in May 2019.
With Occidental Petroleum’s market value down to just $11 billion, one Wall Street analyst is wondering whether Berkshire Hathaway CEO Warren Buffett might be interested in buying it. The deal was clinched as investor and Berkshire Hathaway CEO Warren Buffett pledged $10 billion to finance the deal in exchange for 100,000 shares of cumulative perpetual preferred stock with a value of $100,000 per share. Occidental Petroleum announced today that it would slash its dividend from 79 cents per quarter to 11 cents. Warren Buffett's Berkshire Hathaway Inc agreed to take Occidental Petroleum Corp common shares in lieu of a first-quarter cash dividend, helping relieve the strain on the oil giant's balance sheet.
Buffett and Berkshire also received a warrant to purchase up to 80 million more shares at an exercise price of $62.50 a share. Billionaire investor Carl Icahn is furious over the generous terms Warren Buffett received when he came to the aid of Occidental Petroleum's bidding war with Chevron.