Yesterday, Berkshire Hathaway (NYSE:BRK-B) revealed a new stake in energy giant ExxonMobil (NYSE:XOM). Berkshire's 13F filing stated that the company owned a $3.45 billion interest in Exxon as of the end of September. The purchase accounts for less than 1% of Exxon's shares outstanding.

Berkshire is helmed by Warren Buffett, the renowned value investor. Given the size of this purchase, it's likely Buffett himself directed this investment. Berkshire also reduced its position in oil producer ConocoPhillips during the quarter.

Motley Fool analyst Simon Erickson believes this move speaks volumes for both Berkshire and ExxonMobil. It's another example of Buffett's focus on the long term, and Simon expects Berkshire will likely add to this position over time. Given Exxon's steady returns and long-established dividend, Simon thinks it's a great candidate for any portfolio.

Erin Kennedy has no position in any stocks mentioned. Simon Erickson has no position in any stocks mentioned. The Motley Fool recommends Berkshire Hathaway and LinkedIn. The Motley Fool owns shares of Berkshire Hathaway and LinkedIn. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.