Warren Buffet dumps $3.7 billion of ExxonMobil stock, says it’s a ‘wonderful company’ but he may have other uses for the money, such as fixing his railroads before another disaster hits him.

March 6, 2015

Billionaire investor Warren Buffett said Monday that his firm Berkshire Hathaway divested from $3.7 billion in ExxonMobil stock to free up cash for other investments.

Buffett told CNBC that ExxonMobil is a “wonderful company” although weak oil prices and slumping demand are putting financial pressure on oil and gas firms.

“Its current earning power, obviously, is diminished significantly from where it was a year ago, as is true with all oil companies. But Exxon Mobil has been one of the great investments of all time,” Buffett said.

Buffett confirmed that Nebraska-based Berkshire sold all of its shares in the company during the fourth quarter.

Berskhire held 41.1 million shares in ExxonMobil worth about $3.7 billion as of September 2014 , according to an SEC filing.

“We thought we might have other uses for the money,” Buffett said.  

Such as fixing his railroads before another disaster hits him.