Buffett clearance 4 billion dollar oil company shares

Warren Buffett's Berkshire Hathaway has a clearance of $3.7 billion worth of Exxon Mobil shares in the fall in oil prices, Beijing time February 18. Berkshire's holdings in U.S. equities were no more than ExxonMobil shares as of December 31, according to a paper submitted to regulators in Tuesday. Three months ago, Berkshire held about 41 million shares. Oil prices have been close to halving since last June as U.S. oil production soared and the Organization of Petroleum Exporting Countries (OPEC) refused to cut production. The fall in oil prices has seriously damaged oil companies ' profits, forcing major oil producers to slash spending and sack workers. Buffett has made Berkshire Hathaway the world's fourth-largest company by merging and investing in value stocks like Coca-Cola and The Washington Post. But his investment in energy companies has been mixed. Mr Buffett's delight in the energy sector is the investment in PetroChina. In 2003, Mr. Buffett spent 488 million of billions of dollars on PetroChina, earning $3.5 billion in 2007. But before the dramatic fall in energy prices in the second half of 2008, Mr. Buffett bought a lot of ConocoPhillips shares. Buffett's 2 billion dollar bond investment to energy Future Holdings is also being credited. According to Berkshire Hathaway's annual report, the company bought Exxon Mobil in 2013 at a price of $90.86 per share. The documents released by the regulator in Tuesday showed Mr. Buffett cleared the shares in the fourth quarter. In the past three months, Exxon Mobil's share price averaged 93.27 dollars per share. Buffett is still profitable on Exxon Mobil.