Buffett's Berkshire Hathaway increased its stake.$Western Oil (OXY.US) $The company's shares have increased its total shareholding to more than 20%.

Berkshire spent about $391 million on nearly 6.7 million shares in Western oil companies between Aug. 4 and Aug. 8, Berkshire said in a regulatory filing on Monday night.

The deal gave Berkshire a total of 188.4 million shares in western oil companies, accounting for 20.2% of the total outstanding shares of western oil, worth $11.3 billion.

According to accounting standards, once investors own at least 20% of the company's common stock, the company's earnings should have a corresponding share of their own performance-that is, according to analysts' expectations, Western Oil's earnings may reach $10.7 billion this year, so if Berkshire ends up owning 20% of Western Oil. Then Berkshire's reported profit this year may increase by about $2 billion.

Wall Street previously mentioned that Berkshire spent another $112 million on 1.94 million common shares of western oil companies between July 14 and 16, making it own a total of about 181 million shares of western oil, increasing its total shareholding to 19.4% (about $10.9 billion).

But Berkshire may explain that its accounting treatment of western oil companies should remain the same because its stakes in western oil companies are passive (that is, holdings that are not intended to affect the company's business operations).

In addition, Berkshire holds $10 billion of preferred shares in Western Oil, financing the acquisition of Anadarko in 2019 and warrants to buy another 83.9 million common shares for $5 billion. The Anadarko deal is also a huge wealth opportunity for Berkshire.

Berkshire has stakes in dozens of companies, including BNSF Railways, Geico Automotive Insurance and several energy companies. As of the end of June, Berkshire still holds$Chevron Corp (CVX.US) $23.7 billion dollars worth of shares.

Berkshire made an operating profit of $16.3 billion in the first half of this year. Some analysts speculate that Berkshire may eventually bid for all shares in western oil companies.

Berkshire also told the food company$Kraft Heinz (KHC.US) $And card station operator Pilot Travel Centers used equity accounting to account for 26.6 per cent of the former and 38.6 per cent of the latter, which is expected to increase to 80 per cent next year.

By contrast, Berkshire only holds$American Express Co (AXP.US) $20.2% of the shares in the company, which accounts for a relatively normal proportion, has a weak influence on the company.

On Monday, shares of Western Oil closed at $60.04. The company's shares have more than doubled this year, benefiting from the rise in oil prices in the wake of the crisis in Russia and Ukraine. With oil prices hovering high, oil companies have shown a terrifying ability to make money, after Biden bluntly said that "oil giants earn more than God."