Diversified Gas & Oil Takeover Rumours (DGOC)

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06-07-2020
First investment of Warren Buffett since Corona. Warren Buffett's Berkshire Hathaway struck a $10 billion deal to buy Dominion Energy's natural gas transmission and storage business. Berkshire's energy unit will pay about $4 billion in cash and shoulder $5.7 billion in existing debt in exchange for over 7,700 miles of pipelines, 900 billion cubic feet of storage, and other assets. "We are very proud to be adding such a great portfolio of natural gas assets to our already strong energy business," Buffett said in a press release on Sunday. The deal is Berkshire's biggest since its takeover of Precision Castparts in 2016, and comes after Buffett was panned for his inactivity during the pandemic. Buffett is also sticking to his value-investing philosophy rather than giving up and paying higher prices. Natural gas futures tumbled to a 25-year low in June, allowing Buffett to buy Dominion's assets at a discount.
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