Oil & Gas Talk - Musical Chairs at Board level

[ccyk]

NICE! there go another stock I own get TO

Nexen agrees to $15.1B takeover bid by Cnooc
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By Robert Daniel
NEW YORK (MarketWatch) -- Nexen Inc., NXY +53.40% CA:NXY -0.86% the Calgary energy producer, definitively agreed to be acquired by Cnooc Ltd. CEO -1.82% for US$27.50 a share, or about US$15.1 billion. Cnooc is the Chinese oil producer. Nexen shares closed Friday at $17.06, so the deal premium is 61%. In a Monday statement, the companies said that both boards approved the terms. The deal builds Cnooc's presence in Canada, Nigeria and the Gulf of Mexico, and Cnooc will list its shares on the Toronto Stock Exchange, they said. Nexen's current debt of $4.3 billion will remain outstanding, they said. Cnooc said it would fund the deal with cash on hand and external financing. Nexen can consider and accept superior deals; should it do so, it would pay Cnooc $425 million as a breakup fee, they said. Closing, set for the fourth quarter, is subject to conditions including a vote of holders of Nexen common shares and regulatory and other government clearances, they said.

[ccyk]

looks like oil will go up Monday
a quarter loss is 625,000 bbl/day

UPDATE 2-Attack on Turkey-Iraq pipeline knocks out oil flows
Sat Jul 21, 2012 12:14pm GMT

DIYARBAKIR, Turkey, July 21 (Reuters) - Firefighters in southeast Turkey on Saturday put out a fire on a pipeline carrying about a quarter of Iraq's oil exports, but it was unclear when oil would resume flowing, security sources said.They blamed sabotage by Kurdish separatists for the explosion on the Kirkuk-Ceyhan pipeline.

The fire broke out at 11 p.m. (2100 GMT) on Friday near the town of Midyat in Mardin province, near the Syrian border.

Officials blamed the attack on the Kurdistan Workers Party (PKK), a Kurdish separatist group that has claimed responsibility for past attacks on the 960-km (600-mile) pipeline.

Firat News, a website with ties to the PKK, also said the outlawed group was behind the attack.

Insurgents in Iraq have in the past disrupted the transport of oil on the pipeline, the country's largest, and technical faults on the 35-year-old link, which consists of two pipes, have also cut flows.

The PKK, designated a terrorist group by Turkey, the United States and the European Union, took up arms against the Turkish state in 1984, and more than 40,000 people, mainly Kurds, have died in the conflict.

The PKK has claimed responsibility for attacks on other natural-gas and oil pipelines in what it has calls a campaign to target Turkey's strategic assets. (Reporting By Ayla Jean Yackley and Seyhmus Cakan; Editing by Andrew Roche)

too bad, europe is blowing up, otherwise this should be a minimal $2 up event for oil
spain bond rate is over 7.5%.
spain index down 12% in 2 days
spain & italy bans short sell and derivatives

[ccyk]

NXY's deal should go through
takeover price is USD$27.5 or C$28.18
current price is 26.52
= 6.02% profit if deals close, nice yield for its risk vs reward if you ask me.

[ccyk]

too bad, europe is blowing up, otherwise this should be a minimal $2 up event for oil
spain bond rate is over 7.5%.
spain index down 12% in 2 days
spain & italy bans short sell and derivatives

greece will blow up in september if they dont act.
IMF is holding up all aid money to greece knowing it will blow up.
market should be down for a few more days, for now.

[Sauerkraut]

Wonder who's next to be bought up by the Chinese

ok, I'll start the rumours...Li Ka-shing will buy up the remainder of Husky

[charliebrown]

ok, I'll start the rumours...Li Ka-shing will buy up the remainder of Husky

haha... if his HK businesses are any indication, they'll chop Husky up and do spinoffs, ie HK telecom trust, the various REITs in HK & China

I forgot that CIC has a stake in PennWest (table at bottom of article):
http://m.theglobeandmail.com/report-...service=mobile

Bonavista & Encana were both up on a pretty rough day...and maybe Talisman isnt quite done selling yet after today's deal with Sinopec

[Kaitlyn]

Bonavista & Encana were both up on a pretty rough day...and maybe Talisman isnt quite done selling yet after today's deal with Sinopec

I'm quite happy with BNP but I wonder if I should get out now and run... fear it'll just drop again

[charliebrown]

Let the bidding begin!

http://www.newswire.ca/en/story/1012...as-arrangement

$22 per share for PRQ instead of $20.50 due to unsolicited proposal from 3rd party

[Sauerkraut]

Let the bidding begin!

http://www.newswire.ca/en/story/1012...as-arrangement

$22 per share for PRQ instead of $20.50 due to unsolicited proposal from 3rd party

Oh, I hope so

I'm still waiting for the information circular / proxy on the original offer. It was supposed to be mailed out this week.

[charliebrown]

Oh, I hope so

I'm still waiting for the information circular / proxy on the original offer. It was supposed to be mailed out this week.

haha...i thought i was the only one that reads that stuff

Interesting read in the ONR materials. Turns out Peyto first looked into buying out ONR last year (i.e. before the Poseidon spin-off). Then made a first offer when CQE announced a deal (which led to a slightly higher offer from CQE).
Then, finally around Canada Day, made the current offer for ONR

Although, looking at the prices for most of the smaller oil & gas companies, most have recovered 20-50% from their June lows. Makes me wonder if ONR would've gone back to $1.40+ on its own.

[ccyk]

Peter Imhof will be today's guest on Market Call. The last time he was on was December 29th 2011 which he made Mart Resources his #1 Top Pick. Mart was then trading at
.92 cents per share. No doubt when they talk about his past picks Mart will be mentioned for it's impressive gains. This will be more good publicity! Look for the share price to raise above $1.50.00 providing we have a decent day in the markets.

Radcat

BNN today

[ccyk]

Oil Rises as Supplies Tumble More Than Expected
By Mark Shenk - Aug 1, 2012 7:32 AM GMT-0700

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Crude oil futures extended gains after the U.S. Energy Department said stockpiles tumbled more than six times more than expected.

Supplies dropped 6.52 million barrels to 373.6 million barrels.

Crude oil for September delivery advanced 95 cents, or 1.1 percent, to $89.01 a barrel at 10:31 a.m. on the New York Mercantile Exchange. Oil traded at $88.63 a barrel before release of the inventory report at 10:30 a.m.

To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net

To contact the editor responsible for this story: Bill Banker at bbanker@bloomberg.net

[charliebrown]

BNP reported Q2 numbers: http://www.marketwire.com/press-rele...np-1686855.htm

Not surprising that numbers aren't great given weak gas prices; dividend could be at risk if gas & liquids pricing doesn't improve
2 SVPs leaving...

[charliebrown]

Looks like PRQ isn't the only one getting a higher offer. Not much of an increase (0.0723 PEY shares instead of 0.0696), but looks like things could get interesting?

http://www.marketwire.com/press-rele...nr-1687477.htm

Wonder if there'll be an all-cash offer coming from the unnamed unsolicited 3rd party

PEY was the unnamed unsolicited 3rd party when the original CQE/ONR deal was revised. Then, over the Canada Day long weekend, the first PEY/ONR deal was announced.
I highly doubt that CQE came back with another offer...wonder who came knocking...

[ccyk]

look like i m wrong hhaah

http://www.zerohedge.com/news/chevro...fire-energency
Chevron's Largest California Refinery "Immediate-Extreme-Health-Hazard" Fire Emergency
Submitted by Tyler Durden on 08/06/2012 22:17 -0400

UPDATE: *CHEVRON RICHMOND REFINERY HYDROCRACKER EXPLODED: KPIX-TV, REFINERY SHUTDOWN, CAN PROCESS 244,000 BBL/DAY

Chevron's Richmond refinery, the largest refinery in California, is under a Level 3 Hazardous Material extreme immediate warning with local authorities advising local citizens to "to shelter in place, go inside, close all windows and doors, turn off all heaters, air conditioners and fans. If not using the fireplace, close fireplace dampers and vents, and cover cracks around doors and windows with tape or damped towels." As KTVU2 comments, it appears massive and out of control currently. Live KRON4 stream embedded.

*2 DISTINCT PLUMES OF SMOKES OBSERVED EMITTING FROM CVX REFINERY
*CHEVRON SPOKESWOMAN SAYS NOT SURE WHAT CAUSE OF FIRE IS :CVX US
*CHEVRON RICHMOND REFINERY HAS EVACUATION ON EMISSIONS: FILING

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