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.