Buffett's Berkshire acquires Exxon Mobil stake

OMAHA, NEBRASKA: Billionaire Warren Buffett's company has bought a nearly $60 million stake in Exxon Mobil, and has cut holdings in oil rival ConocoPhillips.

Berkshire Hathaway also nearly doubled its holdings in Wal-Mart Stores during the latest quarter. Omaha-based Berkshire disclosed the changes to its $59.7 billion US stock portfolio in a Securities and Exchange Commission filing on Monday.

During the quarter ended Sept 30, Berkshire Hathaway bought nearly 855,000 shares of Exxon Mobil. Its stake in ConocoPhillips was cut from more than 64 million shares at the end of June to more than 57 million.

Berkshire Hathaway's stake in Wal-Mart now stands at 33.6 million shares, up from nearly 20 million.