Berkshire Wagers That Americans Still Thirst for Gasoline
- Investor takes $4.5 billion stake in refiner Phillips 66
- Refining has gained 12% as energy stocks have lost 18%
Buffett Bets on Refining With $4.5B Stake in Phillips 66
This article is for subscribers only.
Warren Buffett’s Berkshire Hathaway Inc. sees a green light at the intersection of low oil prices and record driving.
In its most significant energy investment in two years, Berkshire has amassed a $4.5 billion stake in Phillips 66, making it the biggest shareholder in the largest U.S. oil refiner. Berkshire owns almost 58 million shares in Phillips 66, more than 10 percent of the total outstanding, up from the 7.5 million it reported at the end of the first quarter, according to a regulatory filing issued late Friday by the Omaha, Nebraska-based company.