Occidental Petroleum CEO Vicki Hollub scooped up a chunk of her own company's shares, following Warren Buffett's recent buying spree in the outperforming energy stock. Hollub purchased 14,191 shares of Occidental Monday in the open market with a cost of $56.24 apiece, according to a regulatory filing. Monday's purchase, worth nearly $800,000, brought her total ownership to 490,672 shares worth about $29 million. Occidental has surged a whopping 98% this year on the back of soaring oil prices, making it the best-performing stock in the S & P 500 benchmark. West Texas Intermediate crude futures traded around $103 per barrel Thursday. The U.S. oil benchmark briefly topped $130 to hit a 13-year high earlier this month amid supply disruptions stemming from Russia's invasion of Ukraine. The outperformance attracted interest from the "Oracle of Omaha," who increased Berkshire Hathaway's stake by more than $7 billion in recent weeks. Buffett told CNBC's Becky Quick earlier this month that he decided to start buying after reading a transcript of Occidental's Feb. 25 earnings conference call . "I read every word, and said this is exactly what I would be doing. She's [CEO Vicki Hollub] running the company the right way," Buffett told Quick. The conglomerate now owns 136.4 million common shares of the oil giant, representing more than 13% of OXY's outstanding shares. Berkshire also holds warrants to buy nearly 84 million more shares at an exercise price just under $60 per share. They were obtained as part of the company's 2019 deal that helped finance Occidental's purchase of Anadarko . Occidental has been focused on returning capital to shareholders. Last month, it announced plans to raise its quarterly dividend to 13 cents per share, up from 1 cent.
Vicki Hollub, CEO, Occidental Petroleum
Mary Catherine Wellons | CNBC
Occidental Petroleum CEO Vicki Hollub scooped up a chunk of her own company's shares, following Warren Buffett's recent buying spree in the outperforming energy stock.