Pilot Company cuts energy trading division ahead of Buffett takeover | – #Pilot #Company #cuts #energy #trading #division #ahead #Buffett #takeover
February 14 (Reuters) – USAfuel retailer Pilot Company is winding down its energy trading operation, days before billionaire investor Warren Buffett takes majority control of the firm, according to three people familiar with the matter.
Known for the best Pilot Flying J service stations and truck stops, Pilot has in recent years experienced diesel from Exxon Mobil, Phillips 66, Noble Group and others, gasoline and expanded its fuel trading and trading business by engaging crude oil traders.
About 15 workers Monday, two people said free were made, most of which were related to the expansion of crude oil trade two years ago. According to the people, vice president Steven Hollerbach is leaving as part of the layoff.
Hollerbach did not immediately respond to a request for comment on his LinkedIn account.
A Pilot spokeswoman would not comment on the job cuts, but Pilot Chief Executive Officer Shameek Konar issued a statement saying there would be no impact on the fuel business. “Pilot Company is committed to continuous growth and innovation across our travel hub network and energy division,” said Konar.
Latest Updates Network and Infrastructure category Oil prices USAfrom the release of crude oil and inflation fell after the data, OPECcategoryOil and gas industry last year 4 trillion dollars won, says BEA head, picture article
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A spokesman for Buffett’s Berkshire Hathaway did not immediately respond to a request for comment. Berkshire Hathaway (BRKa.N) 2018He bought about 39% stake in the company in 2008 and agreed to increase his holdings to 80% this year.
People said that the increased ownership is closing soon.
Pilot’s oil and petroleum trading operation is small, approx 100 employees are part of the staff of well-known traders such as Freepoint Commodities, Mercuria and Vitol. About 45 in 2021 of the closely held company billion dollars there is a sale.
That year, Pilot expanded its fuel trading business by adding a financial trading and Mexican trading specialist to better understand the market and sell fuel it doesn’t need for its operations.
Pilot USAIt operates nearly 800 retail locations in 44 states and six Canadian provinces and operates a fleet of 1,600 tanker trucks that supply its stores and other retailers.
Reporting by Laura Sanicola in Washington and Arathy Somasekhar in Houston; Edited by Chizu Nomiyama
Our standards: Thomson Reuters Trust Principles.
Laura Sanicola
2023-02-14 19:29:13
Source – reuters
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