Warren Buffett Invests Big in Occidental Petroleum Despite Energy Market Turmoil

Warren Buffett's Berkshire Hathaway invested $467 million in Occidental Petroleum, raising its stake to 23.1%. Berkshire has invested over $11 billion in the energy giant in just over a year. Despite recent bank failures and fears of a market meltdown, Buffett is taking advantage of Occidental's stock price drop and is bullish on the energy sector. Berkshire also holds $10 billion of Occidental's preferred stock, generating $800 million in annual dividends, and owns warrants to buy around 84 million additional common shares at a fixed cost of $5 billion.