Buffett's firm now owns nearly 14 per cent of Phillips 66

OMAHA, Neb. – Berkshire Hathaway has purchased nearly 1.7 million more shares of Phillips 66 to give it ownership of almost 14 per cent of the oil refiner.

The conglomerate led by Warren Buffett reported the latest stock purchases this week. Berkshire now owns 73.98 million Phillips 66 shares worth roughly $5.9 billion.

Berkshire revealed owning over 10 per cent of Phillips 66 stock in August when it disclosed a stake of 55 million shares. But before Berkshire began its recent string of purchases in January it owned only 61.49 million Phillips 66 shares.

Berkshire Hathaway owns about 90 subsidiaries in a variety of industries, including insurance, utilities, railroads, retail and manufacturing. It also holds major investments in Coca-Cola Co., Wells Fargo & Co., IBM and American Express Co.