OMAHA, Neb. (AP) — Warren Buffett’s company has added to its stake in Phillips 66 and now owns nearly 12 percent of the oil refiners stock.
Berkshire Hathaway said in documents filed with the Securities and Exchange Commission that it bought 759,295 Phillips 66 shares last Wednesday.
Buffett said last fall that Berkshire was investing in the company because he likes its mix of refining and chemical businesses. Berkshire now owns 62.3 million shares of Phillips 66.
This isn’t the first time Berkshire invested in Phillips 66. In 2013, Berkshire traded about $1.4 billion of its Phillips 66 stock for one of the refiner’s businesses that makes additives to help crude oil flow through pipelines.