Don't Overlook Warren Buffett's Other Favorite Oil Stock
Warren Buffett made headlines last week after winning regulatory approval to buy up to half of Occidental Petroleum's (NYSE: OXY) stock. Buffett's company, Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), has already amassed a more than 20% stake in the oil giant.
However, Occidental Petroleum isn't the only oil stock Buffett is buying these days. Berkshire Hathaway is also gobbling up shares of Chevron (NYSE: CVX). Here's a look at Buffett's other favorite oil stock.
Warren Buffett's Berkshire Hathaway has been buying shares of Chevron hand over fist this year. The company more than quadrupled its position in the oil giant in the first quarter as oil prices soared following Russia's invasion of Ukraine. Berkshire continued to purchase shares in the second quarter, buying another 2.3 million, lifting the total to 161 million. That's about 8.2% of the oil giant's outstanding shares, worth over $25 billion at the recent stock price.
Source Fool.com
