• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours Cheaper prices due to renewables - forget it
  • 24 hours e-cars not selling
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 18 hours If hydrogen is the answer, you're asking the wrong question
  • 5 hours How Far Have We Really Gotten With Alternative Energy
  • 17 hours CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
COP28: Policymakers Should Focus on Energy Tech

COP28: Policymakers Should Focus on Energy Tech

Politicians should acknowledge that the…

Turkmenistan Pledges To Reduce Extreme Methane Emissions

Turkmenistan Pledges To Reduce Extreme Methane Emissions

Turkmenistan picked the lowest possible…

Buffett Up Stake in Phillips 66 to $6 Billion

American billionaire Warren Buffett, through his Nebraska-based company Berkshire Hathaway Inc. (NYSE: BRK-A), further increased his stake in Phillips 66 (PSX) by 537,968 shares, adding to Berkshire Hathaway’s existing 76.37 million shares of the Houston-based oil refiner.

According to a Berkshire Hathaway US Securities and Exchange Commission filing, the almost 538,000 shares of Phillips 66 are valued at US$43 million—bringing Berkshire Hathaway’s total stake in Phillips 66 to more than 15 percent.

Berkshire has been slowly increasing its stake in Phillips 66 in recent months, and now owns shares of Phillips 66 valued at more than US$6 billion.

Related: Why $50 Oil Makes Sense

The purchase adds to Buffett’s other oil interests as well, which include an over US$400-million stake in pipeline operator Kinder Morgan.

The fact that Buffett is still increasing his oil holdings is particularly noteworthy when viewed in contrast to many other oil and gas investors who are looking to shed their oil-related holdings.

And although Buffett has been wrong more often than he has been right when it comes to oil, his recent Phillips 66 purchases, including the most recent one, have been done at lows, following his usual stock-grab MO.

Related: Iran Eyes $185 Billion In Foreign Investment With New Contracts

Overall, shares in Phillips 66 have fallen 10 percent over the past six months.

Phillips 66 shares rose to $81.10 in early-morning trading on Thursday, and closed on to $80.13 on Friday.

ADVERTISEMENT

Phillips 66 is a Houston-based midstream energy company operating chemicals, oil refining, and market businesses.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News