 |
Louisiana Light • 2 days | 87.12 | +0.63 | +0.73% | ||
|
Bonny Light • 19 hours | 90.15 | +1.75 | +1.98% | ||
|
Opec Basket • 2 days | 88.39 | -0.06 | -0.07% | ||
|
Mars US • 175 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 3 hours | 2.765 | +0.006 | +0.23% |
|
Bonny Light • 19 hours | 90.15 | +1.75 | +1.98% | ||
|
Girassol • 19 hours | 90.85 | +1.82 | +2.04% | ||
|
Opec Basket • 2 days | 88.39 | -0.06 | -0.07% |
|
Peace Sour • 18 hours | 76.77 | +0.76 | +1.00% | ||
|
Light Sour Blend • 18 hours | 79.82 | +0.76 | +0.96% | ||
|
Syncrude Sweet Premium • 18 hours | 86.77 | +0.76 | +0.88% | ||
|
Central Alberta • 18 hours | 77.17 | +0.76 | +0.99% |
|
Eagle Ford • 2 days | 80.05 | +0.76 | +0.96% | ||
|
Oklahoma Sweet • 2 days | 80.00 | +0.75 | +0.95% | ||
|
Kansas Common • 2 days | 73.75 | +0.75 | +1.03% | ||
|
Buena Vista • 3 days | 87.23 | -0.55 | -0.63% |
Breaking News:
China Is Winning The Race for Affordable EVs
While U.S. and European automakers…
Big Oil’s Carbon Capture Conundrum
Energy experts and environmentalists express…
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:
- Scotland Bans Fracking, Forever
- Against All Odds, Russia Plans to Boost Oil Production by 185,000 Bpd
- Dollar Weakness Fails To Stimulate Oil Prices
James Burgess
James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…
Related posts
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
