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Berkshire Hathaway (BRK.A) reported strong earnings for Q3 2020, with net earnings reaching $30.1 billion compared to $16.5 billion in Q3 2019. For the first nine months, net earnings totaled $52.3 billion, down from $6.7 billion in 2019. Notable investment gains included $24.8 billion in Q3, while operating earnings fell to $5.5 billion, down from $8.1 billion the previous year. Share repurchases were significant, totaling approximately $9 billion in Q3, increasing the total for the year to $16 billion.
Dominion Energy (NYSE: D) announced the completion of a significant sale to Berkshire Hathaway Energy for about $2.7 billion in cash and $5.3 billion in related debt. The transaction includes over 5,500 miles of gas transmission pipelines and substantial gas storage capacity. Additionally, a follow-on sale of Questar Pipelines is anticipated in early 2021, expected to further reduce debt by nearly $6 billion and involve $430 million in debt transfer. The company also plans a share repurchase program totaling at least $3 billion.
Dominion Energy (D) announced updates regarding its sale of gas transmission and storage assets to Berkshire Hathaway (BRK.A). The deal, excluding Questar Pipelines, is expected to close around November 1, 2020, for $2.7 billion in cash and $5.3 billion in debt assumption. A second phase involving Questar Pipelines is anticipated in early 2021 for $1.3 billion. The company has initiated over $500 million in share repurchases and aims for at least $3 billion total by early 2021. Dominion also raised its 2020 earnings per share guidance to the upper range of $3.37 to $3.60.
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