Buffett Likes Phillips 66

SUN VALLEY, Idaho -- Phillips 66 has received the ultimate endorsement from a person many consider to be the premier investor in the world.

Warren Buffett, CEO of Berkshire Hathaway Inc., announced today on Bloomberg TV's "In the Loop With Betty Liu" show that the company purchased shares in Phillips 66, which licenses several of its brand names to thousands of convenience stores.

The man known as the "Oracle of Omaha" said today during an annual conference in Sun Valley, Idaho, hosted by Allen & Co., that Ted Weschler, one of Buffett's stick pickers, made the Phillips 66 investment.

Buffet added in the interview that Berkshire Hathaway trimmed its holdings in ConocoPhillips Inc.

Phillips 66 was spun off from ConocoPhillips and began trading on May 1.

In related news, Phillips 66 said it would pay its first stock dividend of 20 cents per share on Sept. 4.