OMAHA, Neb. (AP) — Investor Warren Buffett is backing up his praise of Phillips 66 by increasing his company's stake in the oil refiner to a stake worth nearly $5 billion.
Buffett said in interviews earlier this week that Berkshire Hathaway had bought more than 10 percent of Phillips 66 stock because he really likes that company's mix of refining and chemical businesses.
Berkshire disclosed Wednesday that it had bought another 3.5 million shares to give it 61.5 million shares of Phillips 66 stock. Berkshire now controls 11.4 percent of the stock.
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