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Buffett's Berkshire buys more Occidental shares, raises stake to about 16.4%

(Reuters) - Warren Buffett's Berkshire Hathaway Inc said on Monday it has purchased another 794,389 shares of Occidental Petroleum Corp, giving the conglomerate a nearly 16.4% stake in the Houston, Texas-based oil company.

The purchases were made in multiple transactions and cost about $44 million, Berkshire said in a regulatory filing. The share purchases come nearly a week after Berkshire bought 9.6 million Occidental shares.

Berkshire, the largest individual shareholder in Occidental, now owns about 153.5 million shares worth about $9.04 billion, based on Occidental's Monday close.

Occidental's share prices are currently up nearly 90% this year, as the company benefited from Berkshire's purchases and an oil price surge following Russia's invasion of Ukraine.

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The company also owns options to buy another 83.9 million Occidental shares, which if exercised, would bring its stake to more than 25%.

Berkshire has been on a spending spree this year.

It spent $51.1 billion on equities in the first quarter, including an increased $25.9 billion stake in oil company Chevron Corp.

Berkshire has also this year announced large investments in video game maker Activision Blizzard Inc and computer and printer maker HP Inc, and a planned $11.6 billion takeover of insurance company Alleghany Corp.

(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Sherry Jacob-Phillips)