Crown Rock Selling Nearly 30 Million Shares of Occidental. Will Berkshire Be a Buyer?

Crown Rock Holdings is selling 29.6 million shares of Occidental Petroleum in an underwritten offering led by J.P. Morgan Morgan Stanley and RBC Capital Markets, according to a press release late Monday. Crown Rock received the 29.6 million Occidental Shares worth about $1.7 billion as part of some $12 billion of consideration, mostly cash, for CrownRock LP, an oil and gas business, that it sold to Occidental in early August. Crown Rock appears to be wasting no time in monetizing the Occidental stock that it received in the transaction.