Warren Buffett's Berkshire Hathaway recently agreed to buy most of Dominion Energy's natural gas storage and transmission assets for about $10 billion. Dominion accepted the conglomerate's offer because it agreed to protect its workers, it has the money and expertise to maintain a high level of service, and the valuation of 10 times EBITDA was a "very fair price," the energy giant's bosses told analysts on Wednesday. The deal promises to accelerate Dominion's growth, free up cash, and speed up its shift to state-regulated utilities and clean energy, the executives said. Visit Business Insider's homepage for more stories.
Benchmark U.S. crude oil for August delivery fell 1 cent to settle at $40.62 a barrel Tuesday. Brent crude oil for September delivery dropped 2 cents to $43.08 a barrel. Wholesale gasoline for August delivery rose 3 cents to $1.27 a gallon. August heating oil was little changed at $1.24 a gallon. August natural gas [...]
It's getting harder to build pipelines and other infrastructure in left-leaning states. : Dominion Energy Inc., the second-biggest U.S. power company by market value, on Sunday said it's selling substantially all of its gas pipeline and storage assets to Berkshire Hathaway Inc. for $4 billion. It's the largest deal announced this year to buy U.S. energy assets, according to Bloomberg data.
Barely three weeks ago, the US Supreme Court ruled the proposed 600-mile Atlantic Coast Pipeline could cross the Appalachian Trail. Nonetheless, over the weekend Dominion Energy and Duke Energy announced they're walking away from the project.
The transaction announced on Sunday includes more than 7,700 miles (12,390 km) of natural gas transmission lines and 900 billion cubic feet of gas storage.
It's the first major purchase from Berkshire since the coronavirus pandemic and subsequent market collapse in March. : Warren Buffett's Berkshire Hathaway is finally pulling the trigger. The conglomerate is spending $4 billion to buy the natural gas transmission and storage assets of Dominion Energy. Including the assumption of debt, the deal totals almost $10 billion. It's the first major purchase from Berkshire since the coronavirus pandemic and subsequent market collapse in March.
Duke Energy Reaffirms Capital Investments In Renewables And Grid Projects To Deliver Cleaner Energy, Economic Growth
CHARLOTTE, N.C., July 5, 2020 /PRNewswire/ -- Duke Energy (NYSE: DUK) today said that the company will continue advancing its ambitious clean energy goals without the Atlantic Coast Pipeline (ACP) by investing in renewables, battery storage, energy efficiency programs and grid projects....
The writedown announcement came after Shell cut its forecast for energy prices into 2023 on expectations that sales will only recover slowly after the pandemic.
Royal Dutch Shell expects to slash the value of its assets by as much as $22 billion as the coronavirus crisis roils energy markets. The oil and gas giant announced the massive write-down Tuesday as it cut its energy price forecasts to account for the pandemic, which has led to worldwide lockdowns that have restricted...