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Conflict Status 1. The Iranian Revolutionary Guard claims to have struck a US aircraft carrier and destroyer. 2. Israeli attacks in southern Lebanon have resulted in multiple casualties. 3. Clashes between Yemeni government forces and Houthi rebels have left at least 117 people dead. Strait of Hormuz 1. The Iranian Revolutionary Guard released video footage of its actions against vessels violating regulations, claiming that the US escort was a complete lie. 2. Iran says it will declare the Strait of Hormuz a "no-go zone" in the coming days. 3. Secretary of Irans Supreme National Security Council: The navigational route map for the Strait of Hormuz agreed upon with Oman will be signed in the coming days. 4. Secretary of Irans Supreme National Security Council: Iran will only commit to keeping the Strait of Hormuz open if the US ceases its threats or attacks. 5. UK Maritime Trade Operations Office: 59 vessels passed through the Strait of Hormuz in the past 48 hours. Other Matters 1. Iranian military: Has demonstrated a new mode of resistance and will not surrender to the US. 2. Lebanese President: Israels attacks have exceeded the scope of the ceasefire agreement and the framework agreement for national institutions. 3. Iranian Parliament Speaker: Any future actions targeting Iranian interests and security will be met with a "faster, fiercer, and more painful" response. 4. The UAE, Saudi Arabia, Qatar, and eight other countries issued a joint statement condemning Israels statements regarding the expulsion of Palestinians from the Gaza Strip. 5. Iranian Foreign Ministry: The US waged war but made the whole world pay the price. 6. Iran will raise gasoline prices for heavy users.September 7th - Iranian Foreign Ministry Spokesperson Baghae stated: "The Strait of Hormuz was completely unobstructed until February 28th, when the US and Israel invaded Iran. Washington launched an illegal and barbaric war, disrupting normal commercial shipping; oil tankers stopped sailing, trade was interrupted, and energy prices soared. The US started the war, yet expects the whole world to pay for it, while portraying Iran as the instigator of this chaos. This is utterly absurd."September 7th - According to the Financial Times, citing multiple Western defense and intelligence officials, Europe has failed to effectively deter Russias "hybrid warfare" against the continent and must quickly develop new methods to curb Moscows actions against NATO member states, or risk escalating conflict with the Kremlin. Western officials stated that last months thwarted drone strike on Leipzig/Halle airport, carrying military-grade explosives, highlighted Russias brazenness in its aggressive practices against NATO and the ineffectiveness of existing deterrents. They added that a collective action from European countries is needed to address the issue. A senior Western defense official stated, "It is clear that we are doing far too little to deter provocations that do not violate NATOs Article 5." They added, "The deterrent force we provide is sufficient to prevent Russia from escalating conventional and nuclear warfare. But we really need to rethink our strategy for dealing with hybrid warfare."Ukrainian President Zelensky: We may prefer certain forms of negotiation, but worse is that there are no forms of negotiation at all. I want to thank U.S. Special Envoy for the Middle East, Witkov, and Trumps son-in-law, Kushner, for their roles in restarting the negotiation process today. It is very important that the U.S. team met with the Russian leaders and then with me today to discuss all possibilities. We held trilateral talks with European representatives, as well as a meeting of national security advisors, and I believe we will do everything we can to resume negotiations.Alternative for Germany (AfD) leader Johann Sebastian Weidel: We need to maintain good relations with Russia, and especially with the United States. We are now seeing the US sending representatives to Moscow to mediate between Moscow and Kyiv. This was a role that Germany could have played.

Berkshire Hathaway invests more than 20 percent of Occidental Petroleum

Charlie Brooks

Aug 09, 2022 10:27

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Berkshire Hathaway (NYSE:BRKa) Inc purchased further Occidental Petroleum Corp (NYSE:OXY) shares, surpassing the 20 percent barrier at which it may record a portion of the oil company's earnings alongside its own and possibly add billions in profit.


Monday evening, Berkshire stated in a regulatory filing that between August 4 and August 8, it paid approximately $391 million for over 6.7 million Occidental shares.


The buys gave Berkshire 188.4 million Occidental shares, or 20.2% of the reported outstanding shares, worth $11.3 billion.


The equity method of accounting would let Berkshire to report its proportional share of Occidental's earnings with operating results based on its 20 percent investment.


Due to its passive ownership, Berkshire might claim that its accounting for Occidental should stay unaltered.


Analysts at Refinitiv I/B/E/S predict that Occidental will have a profit of $10.5 billion this year.


Of addition, Buffett's company owns $10 billion in Occidental preferred stock, which helped fund the 2019 acquisition of Anadarko Petroleum (NYSE:APC), as well as the right to acquire $83.9 million ordinary shares for $5 billion.


Analysts think that Omaha, Nebraska-based Berkshire may ultimately launch an offer for the entirety of Occidental.


Neither Buffett's assistant nor Occidental reacted swiftly to a request for comment after market hours.


The operating profit generated by Berkshire in the first half of this year was $16.3 billion.


It utilizes the equity method of accounting for food company Kraft Heinz (NASDAQ:KHC) Co, in which it maintains a 26.6% interest, and truck stop operator Pilot Travel Centers, in which its 38.6% holding is expected to expand to 80% in the future year.


In contrast, Berkshire frequently accounts for its 20.2% stake in American Express Co (NYSE:AXP), so limiting its influence.


Monday's closing price for Occidental shares was $60.04 per share. As a result of the rise in oil prices triggered by Russia's invasion of Ukraine, the share price has more than quadrupled this year.


Ending June with a $23.7 billion stake in Chevron Corp (NYSE:CVX) shares, Berkshire owned dozens of companies, including the BNSF railroad, Geico car insurance, and several energy industries, as well as Chevron Corp (NYSE:CVX) shares.

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