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

06.07.2020 - Evdokimov Roman
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.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?