Occidental Petroleum CEO defends premium for Berkshire Hathaway investment

HOUSTON: Occidental Petroleum Corp Chief Executive Officer Vicki Hollub on Friday defended the company's deal with Berkshire Hathaway Inc's Warren Buffett that paved the way to winning its $38 billion acquisition of Anadarko Petroleum Corp.

Hollub told shareholders at the company's annual meeting that with the sale of preferred shares, "timing was critical."

Occidental investors criticized the investment as overly expensive because of its 8 percent annual dividend.