Occidental pays Buffett dividend in shares to save cash

FINANCIAL TIMES 🔒 | Warren Buffett is getting the latest of his controversial dividends from Occidental Petroleum in the form of shares instead of cash, as the heavily indebted oil producer attempts to shore up its balance sheet in the face of an oil-price rout that has rattled the industry. In a regulatory filing on Wednesday, Occidental said it had issued 17.3m shares to Mr Buffett’s Berkshire Hathaway, worth about $257m at the previous night’s closing price and amounting to 1.9 per cent of the company’s equity.

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