Warren Buffett doused cold water on the speculation that Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) had set its sights on its next elephant. At Berkshire's annual meeting, he emphatically told investors that the conglomerate wouldn't be buying the rest of oil giant Occidental Petroleum (NYSE: OXY) that it doesn't currently own. His company had amassed a 23.5% stake in the oil producer and had received regulatory approval to boost it to as much as 50%. 

Those comments might have investors who followed Buffett into the oil stock wondering if it's time to sell. Here's a look at what Buffett said about Occidental and the thesis for owning the oil producer now that a buyout is seemingly off the table.

Berkshire has been buying shares of the oil company hand-over-fist in the past year. Occidental has grown into the seventh-largest position in Berkshire Hathaway's portfolio. Shares are worth nearly $13 billion and are 3.8% of the portfolio's total value. 

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Source Fool.com