Subject: Re: OXY news
Berkshire has received a split off company in exchange for shares in the parent before. I believe this is how the Duracell split from P&G happened. I'm a bit nervous for how this proceeds because I'm riding Buffett's coattails on the OXY investment by holding the 2027 warrants. Best case OXY gets more in market value from Western Midstream than its intrinsic value and I (and Berkshire!) can continue with an investments on future oil prices and a company (Oxy) running on less debt.

But if Buffett believes the pipeline assets are the key to Oxy's gap between market value and intrinsic value, then I might be left holding the bag (oxy) while Berkshire does better in the investment.

The warrants don't pay dividends while I wait, but they are adjusted for any special dividends. I assume this is just a sale, and not a spinoff to stockholders that would affect warrant holders. Insight welcome.