Warren Buffett's Pilot Company is exiting the international oil trading business to focus on its core fuel retail operations in North America.
A Warren Buffet company engaged in international oil trading is shutting down, Reuters has reported, noting that from now on, Pilot Co will focus on fuel retail . Citing several unnamed sources the report said Pilot Co had let almost all of its employees go and refocus on its original business in the United States. Warren Buffett ’s Berkshire Hathaway acquired Pilot Co. back in 2017 and it ventured into the world of international oil trading after that.
“Our core capabilities are focused on delivering reliable fuel supply to our travel centers and customers across North America,” the president of the company, Gary Hoogeveen, told Reuters in a statement. Berkshire Hathaway is a big player in both conventional energy and transition tech, with Warren Buffet notoriously saying about ten years ago that the only reason to invest in wind power is tax incentives.
Warren Buffett Berkshire Hathaway Oil Trading Fuel Retail International Market Occidental Petroleum Energy Strategy Investment Restructuring
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