D - Warren Buffett Is Betting Another $3.3 Billion on a Fossil Fuel-Filled Future
2023-07-12 06:08:00 ET
Warren Buffett's Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) is putting some of its cash war chest to work. The Buffett-controlled conglomerate is spending $3.3 billion to increase its stake in Maryland's Cove Point LNG, a liquified natural gas export facility.
The investment continues Berkshire Hathaway's growing wager on fossil fuels. Here's a look at the deal and why Buffett believes carbon-based energy will remain vital to supporting the global economy.
Berkshire Hathaway Energy has agreed to buy a 50% interest in Cove Point LNG from utility Dominion Energy (NYSE: D) for $3.3 billion in cash. That will increase Berkshire's interest in the facility to 75%. A subsidiary of Brookfield Infrastructure Partners owns the other 25% stake in the LNG export terminal.
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Warren Buffett Is Betting Another $3.3 Billion on a Fossil Fuel-Filled Future