Berkshire Hathaway Takes $4.48 Billion Stake In Phillips 66

Phillips 66

Warren Buffett’s Berkshire Hathaway has revealed a $4.48 billion stake in oil refiner Phillips 66 

The 57.98 million-share, or roughly 10.8 percent, stake was revealed in a Friday night filing with the U.S. Securities and Exchange Commission.

Berkshire owned a much larger stake in the company but sold two-thirds of its investment in February 2014. The company swapped $1.35 billion shares for a chemicals business that it folded into its a Lubrizol unit. While crude oil prices have plummetted in recent months, Phillips 66 shares prices have reported a loss of less than 1 percent.

According to Reuters, “In an Aug. 14 SEC filing detailing its U.S. stock holdings, Berkshire did not mention Phillips 66, after having previously reported a 7.5 million-share stake as of March 31, but said it disclosed some information confidentially to the regulator.”

 

Berkshire does not typically report when Buffett or his portfolio managers Todd Combs or Ted Weschler make specific investments. The company’s largest investments are typically the work of Warren Buffett.

Berkshire ended June owning $117.7 billion of equities.

The company most recently reported a $32.3 billion acquisition of Precision Castparts Corp.