Warren Buffett Buys More Phillips 66 ~ market folly

Thursday, August 25, 2016

Warren Buffett Buys More Phillips 66

Warren Buffett's Berkshire Hathaway has filed a Form 4 with the SEC regarding his stake in Phillips 66 (PSX).  Per the filing, Buffett acquired more shares on August 22nd, 23rd, and 24th.

In total, he purchased 704,181 shares at weighted average prices of around $77.04 - $78.15.  After these transactions, Berkshire now owns 79.48 million shares of PSX.

We've highlighted in the past how Buffett has been acquiring PSX shares in recent months.

Per Google Finance, Phillips 66 is "an energy manufacturing and logistics company with midstream, chemicals, refining and marketing, and specialties businesses. The Company operates its business through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment includes its equity investment in DCP Midstream , LLC (DCP Midstream) and its investment in Phillips 66 Partners LP. The Midstream segment consists of three business lines: Transportation, DCP Midstream and NGL. The Midstream segment also transports crude oil and other feedstocks to refineries and other locations, and delivers refined and specialty products to market, and provides storage services for crude oil and petroleum products. The Chemical segment manufactures and markets petrochemicals and plastics. The refining segment buys, sells and refines crude oil and other feedstocks into petroleum products. The M&S segment purchases for resale and markets refined petroleum products.."

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