Warren Buffett’s Berkshire Hathaway will not be seeking full control of Occidental Petroleum (NYSE:OXY) despite having amassed a stake of over 23%, the Omaha investor said at Berkshire’s annual shareholder meeting this weekend. Shares in Oxy dropped in pre-market trade in New York on Monday after Buffett rebuffed speculation that he would seek control of the oil company.
“We don’t know where the price of oil will be, but we like Occidental’s position in the Permian,” Buffett told Berkshire Hathaway’s…Nigeria To Finally Commission Huge 650,000 Bpd Oil Refinery
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