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Buffett Says He Sold Exxon, Bought Refiner Phillips on Oil Fears

Billionaire Warren Buffett dumped Exxon Mobil Corp. shares held by Berkshire Hathaway Inc. and picked up a $4.5 billion stake in refiner Phillips 66 after souring on the outlook for crude oil prices, he said today in television interviews.

“I did get less enthusiastic about crude oil prices at the time we owned” Exxon, he said in an interview with Bloomberg television. “I felt that the future wasn’t going to be as good as people were thinking it was going to be.”