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In a surprising move, Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK) has increased its investment in Occidental Petroleum Corporation (NYSE: OXY). The renowned investment firm purchased an additional 2.57 million shares of Occidental Petroleum’s common stock between June 5 and June 7, according to a U.S. securities filing. This significant investment amounts to over $150 million, boosting Berkshire’s stake in the energy company to approximately 250.6 million shares.

Occidental Petroleum’s shares closed at $59.48 on Friday, showcasing the confidence that Berkshire Hathaway has in the company’s potential for growth. As of March, Berkshire held a roughly 28% stake in Occidental Petroleum, indicating a long-term commitment to the energy sector.

This move comes on the heels of Occidental Petroleum’s announcement of a joint venture with Berkshire Hathaway’s energy unit to extract lithium from their geothermal facility in California. The subsidiary, TerraLithium, has partnered with BHE Renewables, a wholly-owned subsidiary of Berkshire Hathaway, to develop technology for extracting high-purity lithium from geothermal brine. This strategic collaboration highlights the companies’ shared vision for sustainable energy solutions and diversification within the energy sector.

In May, Berkshire Hathaway made headlines by trimming its stake in Apple Inc. and revealing a mystery stock it had accumulated ahead of the first quarter. The recent investment in Occidental Petroleum demonstrates Berkshire’s strategic approach to portfolio management and its confidence in the company’s long-term prospects.

Occidental Petroleum recently reported mixed first-quarter financial results, leading to a decline in its share price. However, with Berkshire’s increased investment and the promising joint venture with TerraLithium, the company is poised for growth and innovation in the energy market.

As investors analyze Berkshire Hathaway’s latest moves and the implications for Occidental Petroleum, it is evident that strategic partnerships and long-term investments are key drivers of success in the ever-evolving financial landscape. The collaboration between these two industry giants sets a precedent for sustainable energy initiatives and strategic investments that align with Berkshire Hathaway’s long-standing investment philosophy.

Overall, Berkshire Hathaway’s increased investment in Occidental Petroleum underscores the company’s commitment to identifying opportunities for growth and innovation in the energy sector. As investors navigate the dynamic market environment, strategic partnerships and long-term investments will continue to play a crucial role in shaping the future of the energy industry.