By MARK KOLAKOWSKI, Updated Jul 6, 2020
作者MARK KOLAKOWSKI, 2020年7月6日更新

  1. Berkshire Hathaway is buying natural gas assets from Dominion Energy.
  2. The deal will cost $4 billion in cash plus $5.7 billion of assumed debt.
  3. If approved by regulators, closing is scheduled for Q4 2020.
  4. 伯克希尔哈撒韦(Berkshire Hathaway)正在从Dominion Energy购买天然气资产。
  5. 该交易将耗资40亿美元现金,外加57亿美元的承担债务。
  6. 如果获得监管机构的批准,交易将于2020年第四季度结束。

Warren Buffett's Berkshire Hathaway Inc. (BRK.A, BRK.B) has announced an agreement to purchase the natural gas transmission and storage assets of utility company Dominion Energy Inc. (D) in a deal currently valued at $9.7 billion in total, including a cash payment of $4 billion and the assumption of $5.7 billion of debt incurred by the Gas Transmission & Storage segment of Dominion. Subject to regulatory approvals, the deal is expected to close during the fourth quarter of 2020.1 2
巴菲特(Warren Buffett)的伯克希尔哈撒韦公司(Berkshire Hathaway Inc.)(BRK.A,BRK.B)宣布了一项协议,购买公用事业公司Dominion Energy Inc.(D)的天然气传输和存储资产,该交易目前总价值为97亿美元,其中包括支付了40亿美元的现金,并承担了Dominion的天然气输送和存储部门的57亿美元债务。待监管部门批准,该交易有望在2020年第四季度完成。1 2

It is Berkshire Hathaway's latest foray into the energy market, and it happens at a time when the coronavirus pandemic, in addition to a feud between OPEC members and its allies, leveled energy prices across the complex. By purchasing Dominion's assets, Berkshire Hathaway Energy will carry 18% of all interstate natural gas transmission in the United States, up from 8% currently.
这是伯克希尔哈撒韦公司(Berkshire Hathaway)进军能源市场的最新举措,而此时恰逢冠状病毒大流行之际,除了欧佩克(OPEC)成员国与其盟友之间的不和,整个油田的能源价格趋于稳定。通过收购Dominion的资产,伯克希尔哈撒韦能源公司将承担美国所有州际天然气传输业务的18%,高于目前的8%。

What Berkshire Will Get

The deal would transfer more than 7,700 miles of natural gas transmission lines from Dominion to Berkshire, including about 20.8 billion cubic feet per day of transportation capacity, 900 billion cubic feet of operated natural gas storage with 364 billion cubic feet of company-owned working storage capacity, plus partial ownership of a liquefied natural gas export, import and storage facility.2

Additionally, Berkshire Hathaway Energy will acquire 100% of Dominion Energy Transmission, Questar Pipeline, and Carolina Gas Transmission, plus 50% of the Iroquois Gas Transmission System. The deal does not include Dominion's Atlantic Coast Pipeline. However, it does include 25% of Cove Point LNG, a liquefied natural gas (LNG) export, import and storage facility in Maryland that is one of only six LNG export facilities in the U.S. Dominion will retain a 50% ownership stake in Cove Point, while Brookfield Asset Management will continue as a 25% owner.
此外,伯克希尔哈撒韦能源公司将收购Dominion能源传输公司、Questar管道公司和Carolina Gas Transmission公司100%的股权,以及易洛魁人天然气传输系统50%的股权。该交易不包括Dominion公司在大西洋海岸的输油管道。然而,它包括25%的湾液化天然气(Cove Point LNG),马里兰州的液化天然气(LNG)的出口,进口和储存设施,是美国仅有的六家LNG出口设施之一。Dominion将保留Cove Point 50%的所有权,而布鲁克菲尔德资产管理公司将继续以25%的所有者身份经营。2

Berkshire's Logic

“This premier natural gas transmission and storage business has been operated and managed in a best-in-class manner,” according to Bill Fehrman, Berkshire Hathaway Energy’s president and CEO. “Acquiring this portfolio of natural gas assets considerably expands our company’s footprint in several Eastern and Western states as well as globally, increasing the market reach and diversity of Berkshire Hathaway Energy,” he added.2

Dominion's Rationale

Thomas F. Farrell II, the chairman, CEO, and president of Dominion, had this to say about the deal: "This narrowing of focus will also allow us to increase our long-term earnings growth rate guidance by around 30 percent...This transaction represents another significant step in our evolution as a company, allowing us to focus even more on fulfilling utility customer needs and positioning us for a bright and increasingly sustainable future."1
Dominion董事长、首席执行官兼总裁托马斯·f·法雷尔二世(Thomas F. Farrell II)对这笔交易表示:“缩小业务范围将使我们能够将长期收益增长率指引提高大约30%……这笔交易代表着我们作为一家公司的发展又迈出了重要的一步,这使我们能够更加专注于满足公用事业客户的需求,并为我们提供一个光明的,可持续发展的未来。”1

Tapping a Huge Cash Hoard

Berkshire ended Q1 2020 with cash and cash equivalents of $137.3 billion, up from $128.0 billion in Q4 2019. During his latest annual meeting in May, in response to a shareholder question about how he planned to deploy his growing cash hoard, Buffett said, "We are not in the business of subsidizing companies with [our] shareholder money."3. It appears that he now has found an attractive enough deal, in the face of battered energy prices.

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  1. PR Newswire. "Dominion Energy Agrees to Sell Gas Transmission, Storage Assets to Berkshire Hathaway Energy-- Strategic Repositioning Toward 'Pure-Play' State-Regulated, Sustainability-Focused Utility Operations," Accessed July 5, 2020.
  2. Business Wire. "Berkshire Hathaway Inc.’s Energy Company to Acquire Dominion Energy’s Gas Transmission and Storage Business," Accessed July 5, 2020.
    Business Wire.“伯克希尔哈撒韦公司的能源公司将收购道明能源公司的天然气传输和储存业务”,于2020年7月5日发表。

3.Investopedia. "5 Takeaways From The 2020 Berkshire Hathaway Annual Meeting," Accessed July 5, 2020.