Warren Buffett’s Berkshire buys Dominion Energy’s natural gas assets for $4 billion

Berkshire Hathaway Inc.’s (BRK.A, BRK.B) Chief Executive Officer Warren Buffett announced on Monday that its energy unit agreed to purchase the natural gas transmission and storage assets of utility company Dominion Energy Inc. (D.N) worth $4 billion. It’s the first major purchase from Berkshire since the coronavirus pandemic and subsequent market collapse in March 2020.

“We are very proud to be adding such a great portfolio of natural gas assets to our already strong energy business,” Buffett stated.

On Sunday, the company disclosed the transaction details with Dominion Energy which includes more than 7,700 miles (12,390 km) of natural gas transmission lines and 900 billion cubic feet of gas storage.

Aside from Dominion Energy Transmission, Berkshire Hathaway Energy is also buying the Questar Pipeline, Carolina Gas Transmission, 50% of the Iroquois Gas Transmission System, and 25% of the Cove Point liquefied natural gas facility in Maryland.