Berkshire Hathaway Bets on Oil


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.

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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, and now owns a roughly 14.3 percent stake. (Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)