American billionaire Warren Buffett’s firm has bought a $3.45billion (£2.1bn) stake in oil and gas giant ExxonMobil according to reports.

ExxonMobil’s shares rose when news broke that Berkshire Hathaway had taken the multi-billion dollar punt at the end of last week.

In the third quarter of 2013, Exxon earned $7.9billion (£4.9bn), a drop of 18% from the same period in 2012.

It handed $5.8 billion (£3.6bn) to shareholders in the third quarter through dividends and share purchases “to reduce shares outstanding” according to its chief executive.

Maverick investor Buffett is often described as the “Oracle of Omaha” and Coca-Cola is on the list of shares he has invested in.

He has dabbled in oil before, in 2009 buying shares in oil firm ConocoPhillips. He reportedly blamed $3billion losses from this move squarely upon himself when energy prices fell.