Buffett Set For Huge Payday On Occidental Preferred Stock

When Berkshire Hathaway effectively loaned Occidental Petroleum $10 billion to fund its acquisition of Anadarko Petroleum in the spring of 2019, Wall Street analysts questioned the logic behind the deal. On the outside, it did appear to be a strange transaction. We know the deal would have been negotiated and approved by Warren Buffett himself, as he is usually responsible for any transactions worth more than $1 billion. However, the Oracle of Omaha has minimal experience in the oil and gas sector. Historically, his experience has been in consumer goods, insurance, and other financial stocks. The decision to pump $10…