> Warren Buffett Blog: Warren Buffett invests in oil company Kinder Morgan

Wednesday, February 17, 2016

Warren Buffett invests in oil company Kinder Morgan

Warren Buffett's Berkshire Hathaway on Tuesday disclosed a new investment in pipeline operator Kinder Morgan, boosting its bet on the oil industry as crude prices hover near 12-year lows.

Berkshire owned about 26.53 million Kinder Morgan shares worth roughly $395.9 million at year end, according to a U.S. Securities and Exchange Commission filing detailing its U.S.-listed stock investments.

Berkshire has also been boosting its stake in oil refiner Phillips 66. As of Friday, it had spent $1.08 billion this year on Phillips 66 stock, giving it a 14.3 percent stake.

Kinder Morgan shares have fallen by nearly two-thirds since April as falling oil prices cut into profitability.