Berkshire Hathaway is upping its stake in oil giant Occidental Petroleum.
SEANA SMITH: And that's Occidental, Warren Buffett's Berkshire Hathaway hiking at stake in the company. It's now up to 20%. Berkshire first made a bet on Occidental three years ago when it was in a bidding war with Chevron to buy Anadarko. And Buffett's position could also get much bigger than what it is today.
Berkshire got approval last month from US regulators to buy up to 50% of the oil giant. Now, this stock has significantly outperformed competitors, Jared. The stock has surged more than 160% in the past year. Of course, we have also seen the astronomical rise in the price of crude. But it will be interesting to see if Buffett does, in fact, continue to increase his stake. And if he does reach that 50%.
JARED BLIKRE: That's right. And the company-- I'm looking at the YFi interactive-- up 130% year-to-date. So that's this year alone. Up even more, as you said, over the last year.
This company faced a lot of pushback against its purchase, its expensive purchase of Anadarko back in the day. That was a Permian-- that was a shale oil play in the Permian Basin. And nevertheless, the company has really made a big splash. On top of that, you can see really outperforming many of its competitors. ExxonMobil, I think, is up about 57% year-to-date.