On January 11th, Beijing time, the latest disclosure by the US Securities and Exchange Commission (SEC) showed that Berkshire Hathaway, a subsidiary of Warren Buffett, has increased its stake in Western Oil to 34%.
Last month, Berkshire continued to increase its holdings in Western Oil, buying over 15 million shares in a series of transactions with a total cost of approximately $900 million. In December 2023, Western Oil announced the acquisition of US shale oil and gas company CrownRock for a total value of $12 billion. CrownRock is the third largest privately listed oil producer in the Permian Basin of the United States, and its business complements that of Anadarko Oil Company, which was previously acquired by Western Oil. The Permian Basin is also one of the most profitable oil and gas fields in the United States.