Occidental to Pay Buffett Dividend in Cash, Signaling Confidence
- Shale explorer was making payments to billionaire in shares
- Debt-laden Occidental hit harder than many by 2020 oil crash
Warren Buffett
Photographer: Andrew Harrer/Bloomberg
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Occidental Petroleum Corp. will pay about $200 million in dividends on preferred shares to Warren Buffett’s Berkshire Hathaway Inc. in cash rather than common stock, a sign of the shale driller’s growing confidence in its ability to manage its debt load.
The $2,000-per-share payout on Occidental’s series A cumulative perpetual preferred stock will be paid on Oct. 15, the company said in a filing on Monday.