(Boursier.com) — Western Petroleum is closely followed out of session on Wall Street, whileBerkshire Hathaway, Warren Buffett’s firm, announced that it had increased its stake in the capital over 25% after a new investment of approximately $122.1 million. The American oil and gas producer in which Berkshire Hathaway therefore continues to invest heavily had missed the market consensus for the past quarter, something to sow doubt in the minds of investors: The group reported a fall of almost half of its first quarter profit, against a backdrop of falling crude prices. Adjusted earnings per share came out at $1.09, versus $1.24 consensus. Sales totaled 7.23 billion dollars for the quarter ended, against 7.37 billion market consensus. Pre-tax profit from the oil and gas business was $1.6 billion, down from an expected $1.75 billion.
Daily oil and gas production in the first quarter rose to 1.22 million barrels, against 1.08 million a year earlier, but the pressure on crude prices had an adverse effect on the group’s results.
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