U.S. fuel retailer Pilot Company is trimming its energy trading operation, following the acquisition of a majority stake in the firm by investor Warren Buffett's Berkshire Hathaway Inc .
Berkshire Hathaway declined to comment. In 2018 it acquired a stake of about 39% in the company. In late January it increased its stake to 80%, the Pilot spokesman said.Pilot's oil and petroleum trading operation is small, with about 100 employees, a fraction of the staff at better-known traders Freepoint Commodities, Mercuria and Vitol. The privately held company posted sales of about $45 billion in 2021.
Pilot operates about 800 retail outlets in 44 U.S. states and six Canadian provinces, and runs a fleet of 1,600 tanker trunks that supply its own stores and other retailers. Reporting by Laura Sanicola in Washington and Arathy Somasekhar in Houston Editing by Chizu Nomiyama and Matthew LewisReports on oil and energy, including refineries, markets and renewable fuels. Previously worked at Euromoney Institutional Investor and CNN.
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