Exxon Mobil Corp. Sells Shares to Berkshire Hathaway Worth $3.7 billion

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Exxon Mobil Corp. Sells Shares to Berkshire Hathaway Worth $3.7 billion
Exxon Mobil Corp. Sells Shares to Berkshire Hathaway Worth $3.7 billion

Exxon Mobil Corp. Sells Shares to Berkshire Hathaway Worth $3.7 billion

Warren Buffett’s company, Berkshire Hathaway has disclosed a new stake of 40 million Exxon Mobil Corp. shares. The revelation came yesterday when the company filed third quarter investments. In its quarterly update on its $92 billion U.S. stock portfolio Thursday with the Securities and Exchange Commission, the company said that it reduced its ConocoPhillips holdings to 13.5 million shares at the end of September.

Berkshire Hathaway Sells Shares of ConocoPhillips

Now Berkshire Hathaway has just 13.5 million shares, whereas earlier the number was 24.2 million shares. Interestingly enough, the quarterly filings don’t differentiate between investments made by Buffett and the other Berkshire executives. Amidst the news that Berkshire Hathaway has invested in Exxon Mobil Corp. in a record-setting day for the Dow Jones industrial average, shares of the oil companies went up.

Upbeat Shares of Exxon Mobil

Yesterday, Exxon Mobil closed up 63 cents which is close to 0.7% higher; it reached to $93.22. Later on in after-hours trading, the stock added 85 cents, 0.9%, to $94.07. Warren Buffett who is popularly called ‘Oracle of Omaha’ for his right predictions on the economies and stocks, have been a successful venture capitalist and known never to lose when it comes to investment.

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Currently, Warrant Buffett’s company owns 40.1 million shares of Exxon which is selling its stocks for $93.22 in New York. Yesterday the stock prices went slightly up and rose to $93.90 in extended trading at 5:14 p.m., after the filing. A major contribution in the higher return of Berkshire is that stocks are catching pace.

Exxon Mobile Corp. Investment Not New for Berkshire Hathaway

Those who have been observing the investment pattern in Berkshire Hathaway know that this company has been investing in oil sector lately. Earlier it invested in PetroChina Co. wherein it gained a lot of profit in 2007 as it sold stock which it bought in 2003. Thus, it is not a new investment decision on the part of the most successful venture capitalist.

However, in 2009, the company recorded loss for the first time in two decades. Warrant Buffett who has a great track record of compounding shareholders’ money that earned him a following among investors, often comes up novel ways and the new ventures that help him gain profits from his investment.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com