Market Overview

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


Exxon Mobil Corporation (NYSE: XOM) shares took a hit recently when it was revealed that Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) Chairman Warren Buffett has offloaded $4 billion worth of Exxon Mobil shares.

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

Exxon Mobil CEO Rex Tillerson was on CNBC Thursday to discuss Buffett's decision to sell the stock.

Long-Term Play

“We have always considered ourselves to be for the long-term investor,” Tillerson said. “People who buy our stock, they own it for generations. A lot of our shareholders are generational owners; it has been handed down.”

Related Link: UBS: Exxon And Chevron Are Trading At Historically High Valuations

Understand Buffett'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 of the global economy, which will always be there in the global economy because there is never going to not be energy demand,” Tillerson concluded.

Posted-In: CNBC Rex Tillerson Warren BuffettMedia


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