In something of a reversal in trends, Occidental Petroleum has started buying back preferred stock it transferred to Warren Buffett’s Berkshire Hathaway in exchange for its financial backing for the Anadarko takeover. The news comes just as Buffett said earlier this week he was not seeking to take control of the oil and gas major.
“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 shareholders at last weekend’s annual meeting.…Occidental Petroleum Begins Buying Back Buffett Stock
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