Shares of Occidental Petroleum shot up about 7% Thursday, making them the best performer in the S&P 500. Occidental Petroleum’s stock has now nearly doubled in 2022.
Berkshire’s stock rose about 2% as well Thursday. Its shares have risen nearly 15% this year and are trading at a record high.
Berkshire, along with top energy stocks, has benefited from skyrocketing oil prices in the wake of Russia’s invasion of Ukraine. Crude prices are now up more than 35% this year and are above $100 a barrel.
The Occidental investment adds to Berkshire’s already significant position in the energy industry. Berkshire has a massive energy subsidiary that owns leading electric utilities such as PacifiCorp and MidAmerican, oil and natural gas pipelines and several renewable power companies.