Buffett's Firm Drops Intel, Buys Oil Stocks

By: Associated Press Email
By: Associated Press Email

Warren Buffett's company is reporting that it dropped its stake in Intel and added new investments in National Oilwell Varco and Phillips 66.

The documents filed by Berkshire Hathaway Inc. after the market closed Tuesday revealed the new holdings and detailed other shifts in the company's $74.3 billion stock portfolio.

In the three months ending June 30, Berkshire dropped all of its 7.7 million shares in Intel Corp. It bought 2.8 million shares in National Oilwell Varco Inc. and 27 million shares in Phillips 66.

Buffett previously mentioned the firm's purchase of stock in Phillips 66, an oil refining company spun out of ConocoPhillips, during a television interview last month.

Berkshire's investments are closely watched by investors because of Buffett's successful record.

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