Warren Buffett made a bet on Occidental Petroleum (OXY) that, as he appears to exit the company, Berkshire Hathaway (BRK.A) (BRK.B) is now stuck with a souring investment, Benoit Morenne of The Wall Street Journal reports. Berkshire entered Occidental’s stock in 2022 and owns 28% of the company. The endorsement had been a reputation booster for the company and its CEO. With U.S. oil prices dropping, however, crude producers’ valuations have slumped. The prolonged period of pain U.S. drillers anticipate is set to test Berkshire’s faith in Occidental.
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