Berkshire Hathaway boosts oil bet ahead of shareholder meeting, making Chevron the fourth-largest investment 2022-04-30 10:38:03

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Berkshire Hathaway increased its share in oil and gas By investing more in Chevron and Occidental, Chevron is in the top four stocks in the company’s portfolio.

Berkshire disclosed its regulatory filing, revealing that Chevron now makes up $25.9 billion out of a roughly $388 billion portfolio. The other three largest stocks are Apple, which makes up almost half of the portfolio with a giant investment of $159.1 billion; Bank of America, $42.6 billion, and American Express, $28.4 billion.

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The company also now owns 14% of Occidental Petroleum, indicating strong confidence in oil and gas. Warren Buffett, chief executive of Berkshire Hathaway, said he decided Occidental was a “good place” to put the money after reading an annual report.

ribbon protection else they change they change %
CVX Chevron Corporation. 156.67 -5.12 -3.16%
OXY OCCIDENTAL PETROLEUM CORP. 55.09 -1.94 -3.40%
XOM EXXON MOBIL CORP. 85.15 -2.11 -2.42%
BP BP PLC 28.72 -0.63 -2.15%

“We’ve decided it makes sense,” he said, noting that no one can know the price of gas next year, let alone a few years into the future.

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“It’s clear now, I think, that we — we should be very happy that we can produce 11 million barrels a day, or something like that, rather than being able to produce anything and find 11 million barrels a day somewhere else in the world. To take care of keeping the American industrial machine running.”

Between the $10 billion investment of choice in Occidental and the major investment in Chevron, Berkshire has bet more than $40 billion on the oil sector. Preliminary data for 2021 from US Energy Information Energy indicates that US crude oil production averaged 11.185 million barrels per day.

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Berkshire Hathaway’s annual shareholder meeting kicks off Saturday, with Buffett and Vice Chairman Charlie Munger sharing their investment vision and answering investor questions. This year, Buffett and Munger will share the spotlight with Buffett’s eventual successor, Vice Chairman Greg Appel, along with Vice Chairman Ajit Jain, who runs the massive insurance business in Berkshire.

Buffett himself expected a record crowd of more than 40,000, although Berkshire later issued a statement downplaying that number.

Liz Claman of FOX Business contributed to this report.

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