Warren Buffett Buys Remaining 8% of Berkshire Hathaway Energy
Berkshire Hathaway, owned by one of the richest men in the world, Warren Buffett, owns an energy subsidiary called Berkshire Hathaway Energy (BHE). BHE, in turn, owns major oil and gas assets across the country, including major assets right here in the Marcellus/Utica. In 2020, BHE cut a deal to buy Dominion Energy’s vast network of pipelines in the Marcellus/Utica (and beyond) for $9.7 billion (see Dominion Cancels Atlantic Coast Pipe, Sells Pipe Biz for $9.7B). The deal included a 25% stake and operational control of Cove Point LNG (later upgraded to 75% ownership). We didn’t know that Berkshire Hathaway, the mothership, only owns 92% of BHE. The percentage is about to change to 100%. Read More “Warren Buffett Buys Remaining 8% of Berkshire Hathaway Energy”
The SHALE INSIGHT® 2024 event was held from September 24 to 26 at the Bayfront Convention Center in Erie, PA. Attendees got an insider’s view from the nation’s foremost energy leaders and experts on shale development, environmental protection, pipeline investment, energy-driven manufacturing, and in-demand jobs. We brought you a few news items we noticed in mainstream media from the event, one about antis protesting outside the event (see 
Enbridge Inc. is using artificial intelligence (AI) pioneered by Microsoft to “drive significant advancements in safety, emissions reduction, and asset optimization across its operations.” Enbridge uses Microsoft’s AI to help it better flow its gas and liquids through pipelines, monitor right-of-ways where its pipelines are buried, and monitor and flag pipelines that need maintenance to prevent problems and accidents. 
Four weeks ago, MDN told you about a developing story of rig realignment in the Marcellus/Utica (see 
EQT Corporation is now the #2 largest natural gas driller in the U.S. following the merger of Chesapeake Energy with Southwestern Energy to form Expand Energy Corporation (see today’s lead story). EQT took the opportunity yesterday, while everyone was focused on the shiny new object (Expand Energy), to file a Form 8-K with the SEC announcing it is laying off 15% of its entire workforce. EQT says the layoffs are a result of too many workers following the merger with its former midstream division, Equitrans, in July (see 
In September 2023, Dominion Energy and Enbridge co-announced that Dominion had agreed to sell the company’s remaining natural gas local distribution companies (LDCs) that Dominion owns to Enbridge for $14.0 billion, which includes $9.4 billion in cash plus the assumption of debt (see 
While there are a number of interstate pipelines that crisscross the Marcellus/Utica, there is one pipeline system that is key to moving molecules out of our region to other markets, particularly in the southeast and the Gulf Coast: Transcontinental Gas Pipeline LLC (Transco), owned by Williams. Transco stretches from the Gulf Coast to New York City and was originally designed to flow gas produced in the Gulf northward. A number of years ago, Williams reversed the flow on Transco, and most of the time, it now flows M-U molecules southward to Maryland, North Carolina, South Carolina, Georgia, Alabama, and beyond. When sections of Transco undergo maintenance, flows are reduced, driving down spot prices for natgas sold by drillers to the pipeline but raising the price paid by customers on the other end of the pipeline. And when maintenance is done and flows return, it reverses. 
Three weeks ago, MDN told you about a developing story of rig realignment in the Marcellus/Utica (see 
The Algonquin Gas Transmission pipeline (owned by Enbridge) transports up to 3.09 Bcf/d of natural gas through 1,131 miles of pipeline. Algonquin connects to Texas Eastern Transmission (TETCO), Millennium Pipeline, and Maritimes & Northeast Pipeline and supplies New England with critically needed natural gas supplies for power generation and consumer use. As we told you in September 2023, Enbridge conducted an open season to gauge interest in expanding Algonquin’s capacity to flow more gas into New England — mainly from the Marcellus/Utica — called Project Maple (see 
A little over a month ago, MDN told you about a new opportunity major midstream (pipeline) companies discussed in their latest quarterly updates: building natgas pipelines directly to data centers. Why? Because increasingly, those data centers are considering making their own power (see 
Feedgas flows from the Marcellus/Utica to the Cove Point LNG export facility located on the shore of Maryland fell to zero last Friday, Sept. 20. It was the start of the facility’s annual maintenance outage. The question is, how long will Cove Point be out of commission for liquefying and exporting LNG? According to Reuters, maintenance forcing the facility offline will last “for about three weeks.” Each year, the plant closure is a moving target and a guessing game about how long it will remain offline. Every day counts! 
The