Warren Buffett's Pilot Company Closes International Oil Trading Division
January 22, 2025 - 12:17
In a significant shift in strategy, Pilot Company, a subsidiary of Berkshire Hathaway led by Warren Buffett, is closing its international oil trading business. This decision marks the end of its venture into the expansive trillion-dollar global oil market, as the company aims to concentrate on its core operations of Pilot Flying J service stations and truck stops across the United States.
Sources indicate that the company has laid off nearly all employees involved in the international trading division, signaling a decisive move away from this sector. Pilot Company, headquartered in Knoxville, Tennessee, initially ventured into international oil trading following Berkshire Hathaway's acquisition of a 39% stake in the company in 2017. This strategic retreat reflects a broader trend among firms to streamline operations and focus on domestic strengths amid a volatile global energy landscape. The closure is expected to allow Pilot Company to better allocate resources towards enhancing its service offerings at its well-known fuel and travel centers.
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