Berkshire CEO-designate Abel sells stake in energy company he led for $870 million

said on Saturday that Vice Chairman Greg Abel, who is next in line to succeed billionaire Warren Buffett as chief executive, sold his 1-per-cent stake in the company’s Berkshire Hathaway Energy unit for $870 million.

Berkshire now owns 92% of Berkshire Hathaway Energy, whose businesses include energy, utility and pipeline operations and a large U.S. real estate brokerage. “I suspect that if Abel is selling, Walter Scott’s estate might also liquidate,” said Edward Jones & Co analyst James Shanahan. He became MidAmerican’s chief in 2008, and Berkshire’s vice chairman overseeing its dozens of non-insurance businesses in 2018.

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As many energy companies post surging 2nd quarter profits, Alberta's job reports modest job growthSeveral Calgary-based energy companies are reporting a surge in earnings for the second quarter of 2022, yet analysts don't expect the energy boom to translate into an immediate rush of field jobs as companies recuperate from the financial toll extracted by the pandemic. Because they are not hiring or doing exploration. Why spend the money when governments and policy doesn’t support it? Just return the cash to shareholders. Ca-Ching. We brought this on ourselves. Thanks to tax give aways to filthy rich corps who took our taxes to the states. And with rip off greedy gasoline!
Source: CTVCalgary - 🏆 26. / 68 Read more »