Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) filed a form 13f with the securities and exchange commission on Thursday afternoon in which the company announced that it had purchased a stake in Exxon Mobil Corporation (NYSE:XOM) during the previous quarter, then expanded that stake in the 3rd quarter.

Berkshire Hathaway reported owning Exxon Mobil in the third quarter in an amended filing, but actually purchased 31,244,110 in the second quarter, an additional 8,845,261 shares were added to the portfolio in the third quarter. The average share price for both purchases was $90 per share, making Berkshire Hathaway the owner of approximately 0.91 percent of Exxon’s outstanding shares. This stake makes up approximately 3.7 percent of Berkshire’s portfolio.

Exxon & Berkshire: Match Made In Heaven

Exxon Mobil Corporation (NYSE:XOM) is the largest publicly traded oil company in the world, and it is a perfect match for Warren Buffet’s portfolio. Berkshire Hathaway recently took the top spot in the deep pockets of high net worth investors as a preferred stock. The company ousted Apple Inc. (NASDAQ:AAPL) from the position, and has quickly become the favorite pet of heavy investors.

Exxon Mobil Corporation (NYSE:XOM) has reported an average growth in earnings of 7 percent over the last 10 years. It is this steady growth that no doubt attracted Buffet to the company. With the cost of oil based products on the rise, owning a chunk of Exxon could be a major boost for Buffet’s portfolio.

According to the figures, Buffet purchased approximately $3.7 billion worth of Exxon shares, calculating by Thursday’s closing price of $93.22. This massive investment is a good indication of his faith in the company’s strength. No doubt, Exxon will help to continue to fill the coffers at Berkshire Hathaway. As Wall Street Insanity reported earlier, Buffet himself has stated that he likes to keep $20 billion on hand in case of needing to make a quick deal.

Disclosure: Author represents that he has no position in any stocks mentioned in this article at the time this article was submitted.