Berkshire Hathaway juggles oil stocks in 3Q

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Posted: Thursday, November 14, 2013 12:00 am | Updated: 1:52 am, Tue May 20, 2014.

OMAHA (AP) — Warren Buffett's company bought more than 40 million shares of Exxon Mobil and significantly reduced its ConocoPhillips investment during the third quarter.

Berkshire Hathaway Inc. filed a quarterly update on its $92 billion U.S. stock portfolio Thursday with regulators. The two oil company investments were the biggest changes revealed.

Berkshire reduced its ConocoPhillips holdings to 13.5 million shares at the end of September, down from 24.2 million shares in June.

These quarterly filings don't differentiate between investments Buffett makes and investments other Berkshire executive makes. So it can be hard to determine who is making the moves.

But the size of the Exxon investment suggests it was Buffett's decision. Buffett has said investments smaller than $300 million are likely to be the work of other Berkshire managers.

The Omaha World-Herald Co. is owned by Berkshire Hathaway Inc.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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