• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 8 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 9 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 1 day Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 2 days Modest drop in oil price: SPRs vs US crude inventory build
  • 2 days 2019 - Attack on Saudi Oil Facilities.
  • 2 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 4 days Ukrainian Maidan after 8 years
  • 4 days Peak oil - demand vs production
  • 5 days "How the CO2 shortage is impacting the food and drink sector" - Specialty Food Magazine
  • 5 days NordStream2
  • 5 days "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
Oil Prices Crash On New Covid Fears

Oil Prices Crash On New Covid Fears

Oil prices crashed on Friday…

Asia Is Facing A Long-Tern Natural Gas Crunch

Asia Is Facing A Long-Tern Natural Gas Crunch

Asian gas buyers are paying…

Space Waste Could Become Big Business

Space Waste Could Become Big Business

Space waste is a growing…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Buffett’s Big Bet On Energy

One of America’s most legendary investors, Warren Buffett, plans to invest heavily in energy, he revealed during the annual shareholders’ meeting of his principal investment vehicle Berkshire Hathaway.

MarketWatch reports that Buffett spoke about future energy investments during the Q-and-A session after the meeting, saying Berkshire Hathaway will in the future generate as much wind power as its Iowa utility customers currently use. The executive in charge of Berkshire’s non-insurance operations, Gregory Abel, added that the company was currently focused on renewable energy in Iowa, but it would expand beyond this single state slowly but surely.

The company will also be phasing out coal power generation capacity. Fox News anchor Liz Claman tweeted during the annual meeting that Abel had pledged zero coal for power generation in Berkshire’s Nevada utility by 2023, which shareholders applauded.

At the same time, Buffett dismissed the need for sustainability reporting that a lot of activist shareholders had insisted on. Berkshire Hathaway, according to him, was successful in part because of its habit of keeping “needless reporting” and expenses to a minimum. The company’s “batting average” in the sustainability area was pretty good, Buffett went on to say, noting that Berkshire preferred having individual investors as shareholders rather than institutions, which effectively removes the activist shareholder threat.

Joining the renewable drive is only natural given the growing prominence alternatives to oil and gas are gaining. Yet Buffett is not putting all his eggs in one basket, of course. Last month, Berkshire Hathaway provided Occidental Petroleum with US$10 billion in financing for its proposed takeover of peer Anadarko. The financing will be released if the ongoing negotiations result in a deal, but analysts have already noted the move is unusual for Buffett who has said he would not partake in hostile takeovers, which Oxy’s bid for Anadarko certainly looks like.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News