SCHEDULE: Buffett's Stake in Occidental Petroleum Detailed

Warren Buffett and Berkshire Hathaway maintain a significant 32.7% beneficial ownership in Occidental Petroleum, including unexercised warrants.

Summary

• Warren E. Buffett, Berkshire Hathaway Inc., and National Indemnity Company collectively report beneficial ownership in Occidental Petroleum Corporation.
• Total beneficial ownership amounts to 348,853,373.38 shares of common stock.
• This represents 32.7% of Occidental Petroleum's common stock.
• The reported shares include warrants for an aggregate of 83,911,942.38 shares of common stock.
• These warrants were initially issued on August 8, 2019, for 80,000,000 shares at an exercise price of $62.50 per share.
• Anti-dilution adjustments occurred on June 26, 2020, and July 17, 2025, which lowered the exercise price and increased the number of shares issuable.
• The current exercise price for the Berkshire Warrants is $59.586 per share.
• The Berkshire Warrants have not been exercised as of the filing date.

Sentiment

Score: 8

Explanation: The continued significant beneficial ownership by Warren Buffett and Berkshire Hathaway, including a large block of warrants, signals strong long-term confidence in Occidental Petroleum. The anti-dilution adjustments to the warrants are favorable to the reporting persons.

Positives

• Continued significant investment by Warren Buffett and Berkshire Hathaway, indicating long-term confidence in Occidental Petroleum.
• Anti-dilution adjustments to the Berkshire Warrants have increased the number of shares exercisable and lowered the exercise price, benefiting the warrant holder.

Negatives

• Warrants for 83,911,942.38 shares remain unexercised, meaning they have not yet converted to common stock.

Risks

• The securities were acquired and are held in the ordinary course of business and not for the purpose of or with the effect of changing or influencing the control of the issuer.

Future Outlook

The Berkshire Warrants, which allow for the acquisition of 83,911,942.38 shares of common stock at an exercise price of $59.586 per share, remain unexercised, indicating a potential future increase in the reporting persons' direct equity stake.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.

Industry Context

This filing highlights the continued significant investment by a prominent investor group in Occidental Petroleum, a major player in the global oil and gas industry, reinforcing confidence in the sector's long-term prospects.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: The continued substantial stake held by a prominent investor group like Berkshire Hathaway can signal stability and long-term confidence in the company's prospects.
• Company (Occidental): Confirms a significant, long-term anchor investor, which can be beneficial for corporate stability and strategic planning.

Next Steps

• The Berkshire Warrants remain unexercised, allowing for potential future conversion into common stock.

Key Dates

Recommendation

The filing confirms Warren Buffett and Berkshire Hathaway's substantial and continued beneficial ownership in Occidental Petroleum, including a large block of warrants. This indicates strong long-term confidence from a highly respected investor, suggesting a stable outlook for existing shareholders. While not new news, it reinforces the investment thesis for holding the stock.

Keywords

Occidental Petroleum, OXY, Berkshire Hathaway, Warren Buffett, Schedule 13G, Beneficial Ownership, Warrants, Energy, Oil and Gas