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.
MORE NEWS
July 6, 2026 - 00:19
Council set to hold business meeting July 7, budget workshop July 8The Edmonds City Council is scheduled to convene for a regular business meeting on Tuesday, July 7. The agenda includes a discussion on a budget amendment and a proclamation recognizing July as...
July 5, 2026 - 13:24
Mark Zuckerberg takes business calls on a jet ski wearing his $800 Meta glasses—and insists ‘the other person could not tell’Mark Zuckerberg is taking his smart glasses pitch to the water. The Meta CEO recently revealed that he takes business calls while riding a jet ski, wearing his company`s $800 Ray-Ban Meta smart...
July 4, 2026 - 20:00
AFL-CIO on Taylor Swift's wedding: 'It's better in a union'The AFL-CIO, the largest federation of labor unions in the United States, has weighed in on the highly anticipated wedding of Taylor Swift and Travis Kelce. The organization`s message is clear:...
July 4, 2026 - 00:34
Statues of US presidents' heads are crumbling in rural VirginiaIn a quiet corner of rural Virginia, a collection of crumbling presidential statues has become an unlikely tourist destination. The massive heads of 42 U.S. presidents, each carved from concrete,...