Warren Buffett's Berkshire buys Dominion Energy natural gas assets in $10 billion deal - CNBC

The conglomerate is spending $4 billion to buy the natural gas transmission and storage assets of Dominion Energy.

Following the sale, Dominion expects that 90% of its future operating earnings will come from its utility companies that provide energy to more than 7 million customers in states like Virginia, North and South Carolina, Ohio and Utah.

Currently, Dominion pays out 85% of its operating earnings, but post transaction the company is targeting an operating earnings payout of 65%, which it says is more in line with its peers.

With the purchase, Berkshire Hathaway Energy will carry 18% of all interstate natural gas transmission in the United States, up from 8% currently.

Under the terms of the transaction, Berkshire Hathaway Energy will acquire 100% of Dominion Energy Transmission, Questar Pipeline and Carolina Gas Transmission, and 50% of Iroquois Gas Transmission System.

Berkshire will also acquire 25% of Cove Point LNG, an export, import and storage facility for liquefied natural gas, one of just six LNG export terminals in the U.S. .