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 ...
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?
False. It has been slowly climbing for decades.
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MOCLEUS2&f=M
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.
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.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.