January 14, 2013
Big Oil Beats Buffett in Rail Investments Surge
Lee & Penty, Bloomberg
North American energy companies are starting to invest more in railroad terminals than the railroads themselves. A group of oil and natural gas pipeline operators led by Plains All American Pipeline LP (PAA) announced plans just in the past three months to spend about $1 billion on rail depot projects to help move more crude from inland fields to refineries on the coasts. Warren Buffett’s Burlington Northern Santa Fe LLC, the largest U.S. railroad, spent $400 million on terminals in 2012. . .
TAGGED: Railroads, Warren Buffet, Energy Investment, Bloomberg