Warren Buffett’s near 20 percent stake in Occidental Petroleum has some investors expecting the billionaire to eventually absorb the oil producer and turn it into a “cash machine” that feeds his other investments.
Buffett’s Berkshire Hathaway has been snapping up Occidental shares since 2019, when it bought around $10 billion in preferred stock to help the company finance a deal for a rival. That investment came with warrants for 83.9 million shares.
