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One of the world’s wealthiest men sells shares in Apple, bought more in Exxon’s Stabroek Block partner Chevron
Kaieteur News – Warren Buffett, one of the world’s wealthiest individuals and the owner of Berkshire Hathaway, has made significant moves in the stock market, selling 10 million shares of Apple while increasing his investment in Chevron, a partner in ExxonMobil’s Stabroek Block venture offshore Guyana.
One of the world’s richest men, Warren Buffett (AP Images)
A recent Barron’s report highlighted Buffet’s company strategic reallocation of assets. Buffett’s decision to sell a portion of Berkshire Hathaway’s Apple holdings comes as the conglomerate is set to benefit from indirect exposure to Guyana’s burgeoning oil industry. Chevron’s acquisition of Hess Corporation’s stake in the Stabroek Block for US$53 billion positions Berkshire to profit from Guyana’s emergence as an oil powerhouse, boasting one of the world’s fastest-growing economies.
Hess Corporation’s assets include a 30% interest in the Stabroek Block, where ExxonMobil has made significant oil discoveries exceeding 11 billion barrels so far. According to Barron’s latest report, Berkshire Hathaway reduced its holdings in Apple, Paramount Global, and HP in the fourth quarter while bolstering its investment in Chevron.
The conglomerate now holds 905 million shares of Apple, valued at approximately US$166 billion, or nearly half of the company’s equity portfolio. In contrast, Berkshire increased its Chevron holdings by purchasing 16 million shares, bringing its total investment to 126 million shares valued at about US$19 billion.
The move underscores Berkshire’s strategic shift towards energy investments, with Chevron emerging as a key beneficiary of Guyana’s oil prospects. Buffett’s company also divested a portion of its stake in Paramount Global and sharply reduced its holdings in HP, reflecting a recalibration of its investment strategy.
While Buffett oversees a significant portion of Berkshire’s equity portfolio, managers Ted Weschler and Todd Combs play a role in decision-making. The exact allocation of investment decisions among the three remains undisclosed, making it challenging to attribute specific actions to Buffett alone. Berkshire’s investment in Apple has been a remarkable success story, with Barron’s estimating a cost basis of around US$34 per share. With Apple’s current valuation at US$184 per share, Berkshire’s profit stands at approximately US$135 billion – Barron’s estimate.
The timing of Berkshire’s increased investment in Chevron comes at a time when Guyana is seeing remarkable economic growth fueled by its oil reserves. The International Monetary Fund (IMF) projects Gross Domestic Product (GDP) growth of 38% for Guyana this year, driven by its burgeoning oil industry. Market dynamics indicate a promising future for Guyana, with forecasts suggesting substantial increases in oil production over the coming years.
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