Warren Buffett Ends His Deal Drought with $10 Billion Bet on Energy
Warren Buffett finally found his next crisis-era deal.
His Berkshire Hathaway Inc., which has stayed relatively quiet during the tumult of the coronavirus pandemic, broke its silence at the end of a holiday weekend with its biggest acquisition in more than four years. The US$9.7 billion deal for Dominion Energy Inc.’s natural gas pipeline and storage assets signalled to the market that Buffett is willing to pounce despite his cautious tone in May about the pandemic, according to David Kass, a professor of finance at the University of Maryland’s Robert H. Smith School of Business.
“He’s willing to make investments now, of a fairly sizable amount,” Kass said. “It’s very positive that he’s sending a signal for the right deal at the right price, US$10 billion or more, ‘We’re ready to go, we’re ready to invest.’”
Boulder County Commissioners Extend Oil and Gas Development Moratorium
Boulder County commissioners voted unanimously Tuesday afternoon to extend their moratorium on processing applications for oil and gas development in unincorporated parts of the county through Dec. 31.
The current moratorium, originally imposed in June 2019 and extended at least twice since then, was to have expired this coming July 31.
Boulder County staff recommended the latest extension to give it time to complete proposed updates to the county’s oil and gas development regulations that would apply some of the broadened local-control authority the Colorado Legislature granted counties and municipalities when it passed, and Gov. Jared Polis signed, Senate Bill 181 last year.
“I think it’s just critical that we do the strongest rules” possible under that state law “to protect people and the environment,” Commissioner Matt Jones said during Tuesday’s meeting. “We need to take the time to do that right.”
ND Delegation on DAPL
Senator John Hoeven (R-ND) sent The Crude Life the following statement after the U.S. Court of Appeals for the D.C. Circuit issued an administrative stay temporarily preventing the district judge’s shutdown order by August 5, allowing the Dakota Access Pipeline to continue operating while the appeals court considers arguments.
“The Dakota Access Pipeline is important energy infrastructure that has been safely operating for three years. This temporary stay is a good step that recognizes the significant impact that shutting down the pipeline will have on our state’s economy. Next, we hope the Circuit Court will grant a long-term stay and allow the pipeline to continue operating.”
U.S. Senator Kevin Cramer (R-ND) sent The Crude Life the following statement:
“Common sense prevails. The shutdown order was unreasonable and a clear example of judicial overreach. I hope the time will be used to find common ground among litigants.”
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