Billionaire Warren Buffett said his Berkshire Hathaway Inc. will benefit from rising U.S. oil production as the company’s trains and tank cars move fuel around the country, Bloomberg News reports today.
Buffett, 82, highlighted demand for rolling stock made by Berkshire’s Union Tank Car in his annual letter to shareholders March 1, according to Bloomberg.com.
Buffett's company acquired the railcar manufacturer, which traces its roots to John D. Rockefeller’s Standard Oil Trust, as part of the 2008 purchase of Marmon Holdings Inc. Buffett told investors to watch for the UTLX logo.
“As a Berkshire shareholder, you own the cars with that insignia,” he wrote to investors in his Omaha, Neb.-based company. “When you spot a UTLX car, puff out your chest a bit and enjoy the same satisfaction that John D. Rockefeller undoubtedly experienced as he viewed his fleet a century ago.”
Union Tank Car, with plants in Louisiana, including Alexandria, and Texas, built about 4,300 cars in 2012 and plans to produce more this year, Bruce Winslow, a spokesman for the company, said.