D - Warren Buffett Scoops Up More of Dominion -- What More Is Left to Buy of This Energy Giant?
2023-07-22 08:53:00 ET
At one point in its history, Dominion Energy (NYSE: D) was a highly diversified energy company, with operations that even included oil drilling. For decades it has been slimming down and, in 2022, management said it was looking to simplify its business even further. However, it gave investors little information other than a bland statement about reviewing its operations. The sale of Dominion's stake in a liquified natural gas (LNG) export facility to Warren Buffett's Berkshire Hathaway provides some clues, but the process isn't over yet.
Dominion has agreed to sell its 50% noncontrolling limited partner interest in Cove Point LNG to Berkshire Hathaway Energy for $3.5 billion. This is an LNG facility that Dominion built to take advantage of the increasing global demand for natural gas as a power source. Berkshire Hathaway is the general partner and has a 25% limited partner interest in the asset. The deal will basically give Berkshire Hathaway total control of Cove Point.
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Warren Buffett Scoops Up More of Dominion -- What More Is Left to Buy of This Energy Giant?