Soros cuts Petrobras stake
By
Upstream staff
Billionaire George Soros cut his stake in his biggest holding, Petrobras, in the second quarter while buying more shares of other energy producers.
His New York-based hedge-fund company, Soros Fund Management, sold 22 million US-listed common shares of Petrobras, according to a filing today with the U. Securities and Exchange Commission.
Soros bought 5.8 million of the company’s US-traded preferred shares, Bloomberg reported.
Soros boosted his stake in oil company Hess to 5.1 million shares as of 30 June from 3.7 million at the end of the first quarter, according to the filing.
Hess was Soros’s second- largest holding.
He also added to stakes in Houston-based Plains Exploration & Production and bought shares in Calgary-based Suncor Energy and InterOil in Sydney.
Michael Vachon, a spokesman for Soros, declined to comment on the holdings.
Soros’s biggest sale in the second quarter was his stake in ConocoPhillips, the second-largest US refiner after he sold 4 million shares.
