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From oilprice:
Warren Buffett’s investment firm Berkshire Hathaway acquired 10.8 million shares in Canada’s Suncor during the last quarter of 2018.
Suncor reported a net loss for the last quarter of 2018, but the operating result of the company was positive, at US$436 million.
The company, however, boasted record-breaking production of 740,800 barrels of heavy crude daily and also record refining rates of 467,900 barrels daily over the period.
Suncor is the largest oil company in the Canadian oil sands patch and it was a vocal opponent of the Alberta government’s decision to impose mandatory production cuts on local oil companies to stabilize prices.Say what you want about Warren Buffett but this should again tell folks how smart this guy is. If he was interested in oil he could have invested in any number of oil companies. But someone must have educated him on the heavy oil vs light oil conundrum.
Going forward, US refiners are going to need a lot of heavy oil. There are three main sources for heavy oil in the western hemisphere:
- Canada
- Venezuela
- Mexico
Pipelines? Who cares. CBR is scalable.
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