Warren Buffett's Berkshire Hathaway bought a $3.45-billion stake in Exxon Mobil in the third quarter, the company's largest investment since it invested $10.7 billion in IBM two years ago, according to a regulatory filing late Thursday.
The Securities and Exchange Commission filing shows that Berkshire Hathaway held about 40 million Exxon Mobil shares as of Sept. 30.
The company, however, appears to have begun amassing its shares during the second quarter. A separate amended filing Thursday showed that it had bought the bulk of the Exxon Mobil shares, about $2.82 billion worth, in the three-month period ending June 30.
The Exxon Mobil stake, while large, is still only a fraction of Berkshire Hathaway's overall holdings, which are valued at $92 billion, according to the regulatory filing.
The disclosure of the holding comes as Exxon Mobil moves to bring more oil and gas projects online. The Irving, Texas-based company reported that its third-quarter earnings had declined 18% to $7.9 billion.
Shares of Exxon Mobil on Friday were up $1.08, or 1.16%, to $94.29. That would bring the value of Berkshire Hathaway's shares to $3.78 billion.
Berkshire Hathaway shares rose $0.37 Friday, or .28%, to $116.02.
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