Berkshire Hathaway may own more than one-quarter of Occidental Petroleum Corp. (Oxy), but the giant investment firm has no plans to take over, Chairman Warren Buffett said.

Oxy is an investment “that we expect to maintain indefinitely,” Buffett stated In his annual letter to shareholders.

At the end of 2023, Berkshire owned 27.8% of Oxy’s common shares, Buffett noted. The firm “also owned warrants that, for more than five years, give us the option to materially increase our ownership at a fixed price.”

[Market Moves: What is affecting the natural gas market today? From the LNG pause to climate goals, get the latest on what is top of mind for the energy industry. Tune in to NGI’s podcast now.]

However, while “we very much like our ownership, as well as the...