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Warren Buffett explains why he's making a bet in the energy industry

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Warren Buffett has shown a bigger interest in the oil industry with his recent $10 billion investment to back Occidental's bid for Anadarko, and he said it's a bet on the Permian Basin.

in the company to help fund its proposed acquisition of Anadarko. Berkshire would make the investment by purchasing 100,000 shares of preferred stock, which pays out an 8% annual dividend.. However, the "Oracle of Omaha" doesn't consider it to be a hostile deal because Anadarko wants to sell its properties.

When asked about why he didn't buy Anadarko outright, Buffett said he's not an expert on the oil industry.

 

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