Berkshire Hathaway Takes Larger Stake in Phillips 66 (NY Times)
Berkshire Hathaway, the holding company led by Warren E. Buffett, disclosed a $4.48 billion stake in the oil refiner Phillips 66, rebuilding a bet Berkshire had made in the energy industry before oil prices fell.
Berkshire’s stake of 57.98 million shares, or roughly 10.8 percent of the stock, was revealed on Friday night in a filing with the Securities and Exchange Commission. [...]
Mr. Buffett’s company once held a large stake in Phillips 66, which is based in Houston, but shed nearly two-thirds of it in February 2014 when Berkshire swapped $1.35 billion worth of shares for a chemicals business that it folded into its Lubrizol unit.
Crude oil prices have since fallen more than half, though Phillips 66’s share price has dropped less than 1 percent.
Buffet’s Solar “Insurance” Coup In Nevada (OilPrice)
Nevada utility company NV Energy is ideally positioned to benefit from solar power. Nevada is one of those states with a lot of sun, a lot of land, and not many people. The Nevada wilderness is a great place to economically develop large scale solar projects. The cheap cost of land, abundant sunshine, and lack of serious environmental obstacles are all a boon for NV Energy – so much so that the firm just signed a deal to buy solar power at an unbelievably cheap rate of less than 4 cent per kWh. [...]
But in addition to the profit value of generating power at this price point, the deal has another big benefit for NV Energy; it can be used to start squashing the complaints about NV Energy’s roof top solar program. [...]
NetJets fails to reach agreement with pilots in contract dispute (Omaha World Herald)
Berkshire Hathaway Inc.’s NetJets shared-aircraft company and its pilots union did not reach an agreement on a new labor contract by Thursday, as they had hoped. [...]
In a statement posted online, Johnson said bargaining teams had made “remarkable” progress and settled non-economic issues “with a few exceptions.” But the two sides are “a long way apart” on pay and benefits, Johnson said [...]
Union President Pedro Leroux said in a statement that the impasse is “because of company proposals to cut insurance benefits while shifting additional health care costs to the workforce, and pay issues.”
Berkshire Hathaway now fourth place in reinsurance market (Canadian Underwriter)
Berkshire Hathaway Inc. has jumped ahead of SCOR SE in the reinsurance market, replacing the Lloyd's market as the fourth-largest reinsurance group in 2014, A.M. Best Company Inc. suggests in a report released Wednesday. [...]
The top three reinsurance groups, in order, are Munich Reinsurance Company, Swiss Re Ltd. and Hannover Rueckversicherung AG, in 2014 [...] Those are unchanged from 2013. Omaha, Nebraska-based Berkshire Hathaway, which placed sixth in 2013, ranked fourth in 2014.
MedPro Group Finalizes Acquisition of PLICO (MarketWatch / BusinessWire)
MedPro Group (MedPro), a Berkshire Hathaway subsidiary, announced yesterday the completion of its acquisition of PLICO, Inc. (PLICO), one of the Southwest’s premier healthcare liability insurers, from the Oklahoma State Medical Association (OSMA). [...]
PLICO employs about 30 employees, serves over 2,200 Oklahoma healthcare providers, and has annualized gross written premiums of approximately $30 million.
Danish restaurant menu gives Buffett a shoutout (Omaha World Herald)
Omahans Tom and Marilyn Byers shared an outdoor table at the waterfront Cafe Razz in Middelfart, Denmark, earlier this month and spotted the most expensive item on the elegant menu: the “USA Greater Omaha Ribeye,” priced at 350 kroner, about $70.
A translated description from the menu: “The cattle come from Omaha, Nebraska, United States ... known for Buffalo Bill, Warren Buffett and the Missouri River. The meat is specially selected and of the best quality. 375g of meat, served with fried potatoes and pepper sauce or Béarnaise sauce and the free salad bar.” [...]
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