Occidental to pay Buffett dividend in shares as oil plummets
Occidental will issue about 17.3-million shares as the indebted oil producer seeks to preserve cash amid the Covid-19 crisis
Houston/New York — Occidental Petroleum has opted to pay Warren Buffett in shares on the preferred stock he owns as the indebted oil producer seeks to preserve cash amid the worst crude-price crash in a generation.
Occidental will issue about 17.3-million shares, worth about $257m at Tuesday’s price, of its common stock, according to a regulatory filing on Wednesday. The shares will be used to pay the dividend Buffett’s Berkshire Hathaway is owed for investing $10bn in Occidental in 2019 to help fund its $37bn takeover of Anadarko Petroleum, a deal that has since gone sour due to the collapse in oil prices...
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