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Berkshire Hatahway chairman Warren Buffett. Image courtesy of Georgetown Univeristy/Youtube.

Billionaire investor Warren Buffett said Monday that his firm Berkshire Hathaway divested from $3.7 billion in ExxonMobil stock to free up cash for other investments.

Buffett told CNBC that ExxonMobil is a “wonderful company” although weak oil prices and slumping demand are putting financial pressure on oil and gas firms.

“Its current earning power, obviously, is diminished significantly from where it was a year ago, as is true with all oil companies. But Exxon Mobil has been one of the great investments of all time,” Buffett said.

Buffett confirmed that Nebraska-based Berkshire sold all of its shares in the company during the fourth quarter.

Berskhire held 41.1 million shares in ExxonMobil worth about $3.7 billion as of September 2014 , according to an SEC filing.

“We thought we might have other uses for the money,” Buffett said.