Occidental Petroleum (NYSE:OXY) experienced a 1% increase in pre-market trading on Thursday following news of Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) is again adding to its position in the company.

As per the Form 4 filing with the SEC, Berkshire purchased 2,138,250 common shares from June 26th to June 28th, 2023, at prices ranging from $57.0143 to $57.1694 per share. The total value of these acquisitions amounted to approximately $122 million.

With these latest purchases, Berkshire now holds a total of 224,129,192 common shares and 91,964 series A preferred shares, along with warrants for an additional 83,858,848.81 shares.

The market is closely watching Berkshire Hathaway’s confidence in Occidental Petroleum, signaling potential developments ahead.