Buffett's company buys more Phillips 66 shares

By The Associated Press

Warren Buffett's company now controls more than 15 percent of Phillips 66 stock after buying another 414,065 shares of the oil refiner this week.

 

OMAHA, Neb. (AP) — Warren Buffett's company now controls more than 15 percent of Phillips 66 stock after buying another 414,065 shares of the oil refiner this week.

Berkshire Hathaway disclosed the latest purchases in a filing with the Securities and Exchange Commission on Wednesday.

Berkshire now owns about 79.5 million shares of Phillips 66, which represents 15.2 percent of the Houston-based company's stock.

Berkshire has been steadily buying Phillips 66 stock since 2012. After building up a sizeable initial stake, Berkshire traded about $1.4 billion of its Phillips 66 stock for one of the refiner's additive businesses in late 2013.

It has continued buying Phillips 66 shares since that deal to build its current stake.

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

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