Berkshire Hathaway takes control of LNG facility as Buffett ups bet on energy infrastructure
Publishing timestamp: 2023-07-11 11:34:34
Summary
Berkshire Hathaway Energy has agreed to purchase a 50% stake in the Cove Point liquefied natural gas facility for $3.3 billion in cash. This acquisition builds on Berkshire's growing bet on energy infrastructure and gives them control of one of the few functional LNG export facilities in the US. The facility has a storage capacity of 14.6 billion cubic feet and a daily send-out capacity of 1.8 billion cubic feet. Berkshire Hathaway Energy previously bought a stake in Dominion's gas pipeline and storage assets in 2020.
Sentiment: POSITIVE
Keywords: wall street, berkshire hathaway inc, markets, investment strategy, breaking news: markets, dominion energy inc, warren buffett, breaking news: investing, breaking news: business, stock markets, business news, energy, environment, oil and gas,