Buffett's Berkshire Hathaway buys more Phillips 66 stock

By The Associated Press

 

Berkshire Hathaway has continued adding to its 15 percent stake in oil refiner Phillips 66.

 

OMAHA, Neb. (AP) — Berkshire Hathaway has continued adding to its 15 percent stake in oil refiner Phillips 66.

Warren Buffett's company said in a regulatory filing Monday that it bought another 83,466 shares to give it roughly 79.6 million shares of Phillips 66 stock.

The latest purchases worth roughly $6.5 million were made after Berkshire bought 414,065 Phillips 66 shares last week.

Buffett first started buying Phillips 66 stock in 2012. Berkshire traded about $1.4 billion of its Phillips 66 stock for one of the refiner's additive businesses in 2013.

Then it resumed buying stock in the Houston-based company when prices fell to attractive levels. Berkshire paid an average of $78.29 on its most-recent purchases.

Besides investments, Berkshire owns about 90 subsidiaries in a variety of industries, including insurance, utilities, railroads, and manufacturing.

 

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