Warren Buffett sold 41 million ExxonMobil shares
Warren Buffett has sold 41 million Exxon shares from other energy companies, the legendary investor withdraws. Reason: the decline in the oil price.
New York – US billionaire Warren Buffett retires because of the drop in oil prices in the energy sector. His investment company Berkshire Hathaway held in late December no more shares of major US oil company ExxonMobil and ConocoPhillips. This is clear from a note to the US Securities and Exchange Commission on Tuesday.
Berkshire end of September was still around 41 million shares worth about $ 3.7 billion involved ( 3.2 billion euros ) to Exxon and had 471,994 shares of ConocoPhillips in the portfolio.
Both companies had because of falling oil prices – more than halved since the summer have prices – last must make strong sacrificing profit.
ExxonMobil, the largest publicly traded oil company worldwide. ConocoPhillips is the third-largest US oil company, but operates primarily as a service in the promotion.
Berkshire has not completely withdrawn from the energy sector. Buffett’s holding was last example also involved in the company National Oilwell Varco. The share of renewable energy specialists Suncor was increased.
Berkshires quarterly reports to the Securities and Exchange Commission are closely monitored by numerous investors – they want to build on the success of Buffett. For the last quarter of 2014, the company also announced the purchase of 15 million shares of the machinery manufacturer Deere