Where Warren Buffett finds value as oil sinks

Warren Buffett is finding something to buy amid the oil market wreckage.

In the days before crude fell below $30 for the first time in 12 years, Buffett's Berkshire Hathaway was picking up some shares of oil giant Phillips 66 as that stock hit three-month lows.

In five days of purchases just revealed in the latest of a series of SEC filings, Berkshire bought around 4.2 million shares of the company at an average price around $77 per share.

That's just around $320 million worth, a small percentage of Berkshire's total stake that's now worth almost $5 billion, but it does indicate that Buffett is finding some value as prices drop.

The most recent, and largest, purchases that have been reported were made last Friday when the stock went as low as $74.37.

Since then the stock has continued to struggle. The shares ended Wednesday at $75.25, down 3.3 percent on the session.

As there can be a lag of several days between purchases and SEC filings, we may find out soon that Berkshire continued to buy.