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Finbold

Warren Buffett's bet on Occidental Petroleum is finally paying off

Berkshire Hathaway has completed a $9.7 billion cash purchase of Occidental Petroleum's OxyChem business, giving the oil producer room to cut debt and concentrate on its core operations. Occidental shares are up more than 50% over the past year and reached a 52-week high during that period. Its average realized crude oil price rose 32.6% year over year over the same stretch. Berkshire's first-quarter filing showed a 26.9% stake in Occidental.
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