Insiders

Buffett: No need for more BNSF rail car buys on Keystone delay

April 23, 2014 at 06:30 pm EDT

MarketScreener.com By The editorial team

Buffett: No need for more BNSF rail car buys on Keystone delay

NEW YORK (Reuters) - Warren Buffett, the chairman of Berkshire Hathaway, said on Wednesday the company's BNSF railroad unit probably will not need to expand its rail car purchases as a result of delays in the Keystone pipeline construction.

In addition, he said that the rail industry as a whole remains concerned about safety after a recent string of accidents.

"It's true that the world is going to need an improved tank car," the iconic investor said in an interview with Reuters. How to transport oil by rail safety is "all" the industry is thinking about, he said

Among the worries he cited was the potential for cyber attacks at Berkshire companies, particularly those with large physical facilities such as BNSF and utility operations.

"It's something that the CEOs of our companies worry about plenty," he added.

BNSF plans to move into tank car ownership and buy its own fleet of up to 5,000 new crude oil tank cars with safety features that exceed the latest industry standards.

(Reporting by Luciana Lopez; Editing by Steve Orlofsky)

Warren Buffett

Warren Edward Buffett is an American businessperson who has been at the head of 6 different companies. Presently, Mr. Buffett occupies the position of Chairman & Chief Executive Officer of Berkshire Hathaway, Inc. and Chairman & Chief Executive Officer for Berkshire Hathaway Life Insurance Company of Nebraska, Chairman & Chief Executive Officer for General Reinsurance AG, Chairman & Chief Executive Officer for Berkshire Hathaway Assurance Corp., Chief Executive Officer at Berkshire Hathaway, Inc. (Investment Management) and Manager of Burlington Northern Santa Fe LLC (which are all subsidiaries of Berkshire Hathaway, Inc.). Mr. Buffett is also Trustee at Bill & Melinda Gates Foundation Trust, Principal at West End Capital Management (Bermuda) Ltd. and Member of American Academy of Arts & Sciences and on the board of 5 other companies. Mr. Buffett previously was Chairman of Justin Brands, Inc. Mr. Buffett received an undergraduate degree from the University of Nebraska and a graduate degree from The Trustees of Columbia University in The City of New York.

View full profile

Linked companies
BERKSHIRE HATHAWAY INC.	Chief Executive Officer
Berkshire Hathaway Life Insurance Company of Nebraska Berkshire Hathaway Life Insurance Company of Nebraska Life/Health InsuranceFinance Berkshire Hathaway Life Insurance Co. of Nebraska provides life insurance services. It provides retirement planning products and personal quotes through its web site. The firm also offers excess personal umbrella insurance through a property and casualty affiliate. The company is headquartered in Omaha, NE.	Chief Executive Officer

Linked companies

BERKSHIRE HATHAWAY INC.

Chief Executive Officer