Berkshire reveals US$4.5b stake in oil refiner Phillips 66
Seattle
WARREN Buffett's Berkshire Hathaway Inc disclosed a US$4.5 billion stake in Phillips 66, the Houston-based oil refiner, as the billionaire investor's company increases its bet on the energy industry.
Berkshire held almost 58 million shares after purchases last week, or more than 10 per cent of the total outstanding, according to a regulatory filing issued on Friday by Mr Buffett's Omaha, Nebraska-based company. Phillips 66 closed at US$77.23 on Friday in New York.
Mr Buffett and his deputy investment managers, Todd Combs and Ted Weschler, are known for making large, contrary bets on stocks. The latest wager comes amid a slump in crude prices, driven by concerns that a…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Gold trades in tight range as market focuses on US economic data
Anglo American says it received unsolicited buyout proposal from BHP
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish
Gold edges down as Middle East worries ebb
Oil rises as dollar slips, focus shifts to economic data