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Phillips 66 (PSX) Ramps Higher on Buffett Investment

July 13, 2012 11:47 AM EDT
Shares of Phillips 66 (NYSE: PSX) are higher Friday after Warren Buffett disclosed on Bloomberg TV that his Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) now has an investment in the company following the spin-off from ConocoPhillips (NYSE: COP).

Buffett told Bloomberg's "In the Loop With Betty Liu" that Berkshire trimmed its holdings in ConocoPhillips and bought into some of the refining operation.

"They spun it off and actually one of the two [Buffett’s deputy stock pickers Ted Weschler or Todd Combs] bought some of the refining operation," Buffett said.

Shares of Phillips 66 are up 3.7 percent to $34.23.


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