Exxon Mobil: I Understand Buffett's Decision, 'He Has A Portfolio He Has To Manage'

Exxon Mobil Corporation XOM shares took a hit recently when it was revealed that Berkshire Hathaway Inc. BRK BRK chairman, Warren Buffett has offloaded $4 billion worth of shares of the company.

Later in an interview with CNBC, Buffett explained his move, citing "other uses for the money" as the reason behind the sale.

ExxonMobil CEO Rex Tillerson was on CNBC Thursday to opine on Buffett's decision to sell the stock.

Long-term Play
"We have always considered ourselves to be for the long-term investors," Tillerson said. "People who buy our stock, they own it for generations. A lot of our shareholders are generational shareholders, it has been handed down."

Understand Warren's Decision
He continued, "I appreciated Warren's comments that he thinks we are a great company and I know Warren has expressed that to me personally as well, which I appreciated. And I understand, he has a portfolio he has to manage."

"But I think we believe we are still a very attractive opportunity for people who want to have a piece in this part, for the global economy, which will always be there in the global economy because there is never going to not be energy demand," Tillerson concluded.