Posted on 02/17/2016 1:39:28 PM PST by bananaman22
American billionaire Warren Buffett, through his Nebraska-based company Berkshire Hathaway Inc. (NYSE: BRK-A), has acquired a $400 million stake in struggling pipeline company, Kinder Morgan (NYSE: KMI).
According to a Berkshire Hathaway US Securities and Exchange Commission filing, the 26.53 million shares of Kinder Morgan are valued at $395.8 million.
The purchase adds to Buffett’s oil interests, which includes a recently purchased 14.3 percent stake in oil refiner Phillips 66 at a time when other oil and gas investors are looking for the exit. True to Buffett’s form, the Kinder Morgan purchase came shortly after its stock price fell 53 percent in the fourth quarter and 63 percent in the last 12 months, closing the year at $14.92 per share.
(Excerpt) Read more at oilprice.com ...
Now watch Buffett stop opposing Keystone XL now that he’ll be the one controlling it.
Good point.
I hope BRKA goes all Gordon Gekko on this POS.
(I get a little p.o.ed when I don't bat a 1.000)
TransCanada owns Keystone
How about 40 billion to the Gates foundation.
Like Trump said the other day, when things are cheap, you want to BUY.
Buffett has already spoken out in favor of building the Keystone Pipeline:
http://www.cnbc.com/2014/03/03/id-vote-yes-on-keystone-pipeline-warren-buffett.html
It’s begun. The oligarchs are buying up the natural resource companies. Disgusting individuals.
Probably reading the tea leaves and sees a trifecta of WH-HR-Senate in his investing future. That will give the pipeline a 100% chance of passage. Also watch him start dropping his positions in rail.
Smart hedge. IMO
Who owned them previously?
Just curious....
Yeah, but I have been the oil business 35 years, and am 99% sure most of the operations will be subbed out.
Finally, people often point to Buffet's statement of how he pays less in taxes than his secretary. First, that's not what he said. He said his marginal tax rate is lower. Second, if he and others (particularly in Hollywood) say their taxes are too low, then open your checkbook, write a multi-million dollar check to the IRS, and then STFU. The rest of us are having a hard time. My income has gone up by 0.2% since this clown took office but welfare recipients have enjoyed a 31% increase at my expense. Gees...free cell phones for deadbeats with my tax dollars! Tell me they're not buying votes with our tax dollars.
I expect the opposition will now quietly dissipate....
TransCan owns all phases of XL (1, 2 & 3).
KM owns NatGas transport to the Eastern US (TGP) via their purchase of EP.
The upshot here is that Buffet will own 90+ percent of the crude Canada-to-US Refinery transport options whether by rail, TR/TR/TR or pipeline AS WELL AS the NatGas delivery and LDS along the eastern seaboard either directly or by interconnect with “the sisters”.
Buffet has become the JP Getty of our times.
Where is our Teddy Roosevelt?
I assume that this means you would rather the government own them?
Rich Kinder started Kinder-Morgan after he left ENRON in 2001.
Is that enough info?
That’s why he bought EP/TGP (Tennessee Gas Pipeline).
What makes you think he opposes Keystone?
KMI is publicly traded on the NYSE and other exchanges.
When you accumulate a stock position, you are typically buying a large number of lots from unknown individuals selling for unknown reasons. When you get to owning 5% of the stock, you have to file a report with the SEC.
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