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In the news: Buffett increased his stake in
- 3.9 million shares were bought at an average price of about
$63 . Together they accounted for$246.4 million . -
With that,
Berkshire Hathaway now has 228 million shares of the oil company in its portfolio, totaling$14.5 billion . -
Moreover, Buffett appears willing to pay more for the shares as well. His last purchase in July paid an average of
$57.1 per share, up from$63 last week.
Worth noting: As of
Moving away from fossil fuels
Zoomed out: Buffett clearly has his sights set on
- He asked permission from the
U.S. energy regulator inJuly 2022 to buy back up to 50 percent of the shares, and he got it. - It seems like a crazy move, pumping money into an oil company while worldwide efforts are being made to move away from fossil fuels. After all, demand for the product has an expiration date, although Buffett seems convinced that we won't reach it right away. For now, then, demand for oil appears to be holding steady.
(ns/evb)
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