Berkshire Boosts Oil Bet with Kinder Morgan Stake
Warren Buffett's Berkshire Hathaway Inc on Tuesday disclosed a new investment in pipeline operator Kinder Morgan Inc, boosting its bet on the oil industry as prices hover near lows not seen in more than a decade.
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 stock investments.
Buffett has for much of the last year been adding to Berkshire's investment in oil refiner Phillips 66 (PSX), and now owns a roughly 14.3 percent stake.
(Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)
