Warren Buffett's Berkshire Hathaway announced that it slightly trimmed its stake in ConocoPhillips in the first quarter, reducing its investment in third-largest U.S. oil company to 29.1 million shares. That is 8,000 shares less than what Berkshire owned at the end of last year.
Berkshire (BRK-A) began accumulating shares of Conoco in 2008 and at one point, the financial services conglomerate owned as many as 84 million shares in the oil giant and was once the largest shareholder in the Texas-based oil company with 5.6% of the shares outstanding.
Much of Berkshire's stake in Conoco (COP) was accumulated at prices higher than where the stock currently trades and when oil was trading near its record highs of 2008. Shares of Conoco peaked over $94 in June 2008 before plunging to around $35 in April 2009.
Regulatory filings indicate Berkshire made new adjustments to its stake in Exxon Mobil (XOM), the largest U.S. oil company. Nebraska-based Berkshire owns 421,800 shares of Exxon, a Dow component.