Warren Buffett sheds $3.9bn Exxon Mobil stake as oil prices tumble

 

Warren Buffett’s Berkshire Hathaway shed its holding in Exxon Mobil in the fourth quarter of 2014 as the company reacted to tumbling oil prices.

 

Berkshire had held 41m shares worth $3.9bn (£2.5bn) in Exxon and 471,994 shares in Conoco as recently as the end of September, but a regulatory filing has revealed that holding has since shrunk to zero.

 

Oil prices have plummeted by over 50 per cent since June, triggering Berkshire to eliminate its holding in the US oil giant. However, despite its exit from Exxon and Conoco, Berkshire did not leave the energy sector completely.

 

Buffet’s company still has stakes in Suncor Energy, National Oilwell Varco and Precision Castparts.

 

During the fourth quarter Buffett, regarded as one of the greatest investors of all time, bought a new stake in Twenty-First Century Fox worth roughly $170m.

 

Despite his reputation, a number of his stocks flagged last year and the investor felt compelled to sell down his Tesco stake after shares in the supermarket plummeted.

 

The 84-year-old Nebraskan described his investment in the British company as a “huge mistake.”