Saturday, February 6, 2016

Warren Buffett's $1 billion bet on oil

From:  CNN



Oil prices have plunged this year, but Warren Buffett isn't scared. He's bet nearly a $1 billion on the sector since the start of the year.

That's how much Phillips 66 stock Berkshire Hathaway (BRKB) has bought since Jan. 3, according to company filings, the most recent of which was made Wednesday. 

Berkshire already owned 61.5 million shares of the oil refining giant, and has recently spent $964 million to buy an additional 12 million shares of the company. Buffett's firm now owns 14% of Phillips 66 shares, making it Bershire's sixth largest holding. 

As an oil refining company, Phillips 66 (PSX) is in the one aspect of the oil industry that can benefit from falling oil prices.MORE