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 ( 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 ( is in the one aspect of the oil industry that can benefit from falling oil prices. )MORE