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Buffett’s firm buys another 1.6 million Phillips 66 shares
Fuel Fix ^ | January 17, 2016 | Associated Press

Posted on 01/18/2016 5:32:00 AM PST by thackney

Berkshire Hathaway is continuing this month string of Phillips 66 stock purchases, and Warren Buffett's conglomerate now controls 12.9 percent of the oil refiner.

Berkshire filed documents with the Securities and Exchange Commission on Friday that disclosed purchases of another 1.6 million Phillips 66 shares.

Buffett's company has now bought nearly 7.5 million shares of Houston-based Phillips 66 this month....

(Excerpt) Read more at fuelfix.com ...


TOPICS: News/Current Events
KEYWORDS: energy; refinery
excerpt for AP content
1 posted on 01/18/2016 5:32:00 AM PST by thackney
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To: thackney

Warren isn’t stupid. Refining capacity is still at historic lows in the US and he should make a fortune off of this at some point. The only question is, when he does, will he voluntarily pay ordinary income tax rates on the sale rather than capital gains so that he pays more tax than his secretary?


2 posted on 01/18/2016 6:11:24 AM PST by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: Opinionated Blowhard
Refining capacity is still at historic lows in the US

False. It has been slowly climbing for decades.

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MOCLEUS2&f=M

3 posted on 01/18/2016 6:13:22 AM PST by thackney (life is fragile, handle with prayer)
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To: thackney

That and their profit margin pretty much stays the same. They’re the bookie’s in the oil business, they profit no mater what the crude price is.


4 posted on 01/18/2016 6:28:23 AM PST by Dusty Road (")
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To: Dusty Road

It wasn’t that long ago that the refinery margins were so thin that several majors spun off their refining division to quit dragging down their profits.

Pillips 66 used to be part of ConocoPhillips a few years back.


5 posted on 01/18/2016 6:41:49 AM PST by thackney (life is fragile, handle with prayer)
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