into Chevron last year, and counted the energy titan among its top five holdings on December 31. The two massive bets suggest Buffett and his team are finding value in the fossil-fuel sector.
In addition to its 22.2% stake in Occidental, Berkshire holds $10 billion of the company's preferred stock, which yields $800 million of yearly dividends. It also owns warrants it can exercise to buy about 84 million common shares at a fixed cost of $5 billion. It received both the preferred stock and warrants in return for financing Occidental's takeover of Anadarko Petroleum in 2019.
Buffett's company included $258 million of Occidental's after-tax earnings in its reported income last year. It started accounting for its stake using the
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