Fuel Tech Inc. (FTEK), CNOOC (CEO), Juniper Networks (JNPR), Volcano (VOLC), DirecTV (DTV), Sina (SINA) and Tenneco Inc. (TEN) had ratings and price targets on them adjusted by analysts.
Brean Murray initiated coverage on Fuel Tech Inc. (FTEK). They have a "Buy" rating and a price target of $8.00 on the company ,
Credit Suisse downgraded CNOOC (CEO) from an "Outperform" rating to a "Neutral" rating.
FBR Capital downgraded Juniper Networks (JNPR) from an "Outperform" rating to a "Market Perform" rating. They cut their price target from $25.00 to $21.00 on the company.
Feltl & Co. downgraded Volcano (VOLC) from a "Strong-Buy" rating to a "Buy" rating.
Atlantic Equities upgraded DirecTV (DTV) from a "Neutral" rating to an "Overweight" rating.
Barclays Capital downgraded Sina (SINA) from an "Overweight" rating to an "Equal Weight" rating.
Credit Agricole initiated coverage on Tenneco Inc. (TEN). They have an "Outperform" rating on the company.
Showing posts with label CNOOC. Show all posts
Showing posts with label CNOOC. Show all posts
Thursday, February 23, 2012
Monday, November 8, 2010
BP (NYSE:BP) About to Sign Deal with CNOOC
A report from Mark Kleinman of Sky News said that BP (NYSE:BP) is close to signing a “major” exploration deal China National Offshore Oil Corp. (CNOOC), the state-owned energy company.
The two companies would explore the South China Sea together, according to Kleinman, writing on his blog. BP and CNOOC have worked together in the past in the same region.
British Prime Minister David Cameron is set to visit China this week, and the deal should be completed before that time.
Neither company commented on the assertion, which cited unnamed sources.
The two companies would explore the South China Sea together, according to Kleinman, writing on his blog. BP and CNOOC have worked together in the past in the same region.
British Prime Minister David Cameron is set to visit China this week, and the deal should be completed before that time.
Neither company commented on the assertion, which cited unnamed sources.
Monday, October 11, 2010
Chesapeake (NYSE:CHK) Gets $2.16 Billion Investment from CNOOC (NYSE:CEO)
The leading offshore oil production company in China, CNOOC Ltd. (NYSE:CEO), has made a deal with Chesapeake Energy Corp. (NYSE:CHK) to buy stake in the oil and gas Eagle Ford Shale project of the company for $2.16 billion.
Vice Chairman and Chief Executive Officer of CNOOC, Yang Hua, said, "The cooperation with Chesapeake in shale oil and natural gas is consistent with our value-driven overseas development strategy. The execution of this project will benefit CNOOC Limited's long term production and reserves growth and should produce considerable returns for our shareholders."
Chesapeake’s Chief Executive Officer Aubrey K. McClendon responded, "This transaction will provide the capital necessary to accelerate drilling of this large domestic oil and natural gas resource, resulting in a reduction of our country’s oil imports over time, the creation of thousands of high-paying jobs in the U.S. and in the payment of very significant local, state and federal taxes."
Concerning Eagle Ford Shale, CNOOC will acquire a 33.3 percent undivided interest in the 600,000 leashold acres for oil and gas in Texas for $1.08 billion.
The other 1.08 billion will be used to fund 75 percent of the drilling and completion costs of Chesapeake in the project.
Shares of both companies moved up on the news, with Chesapeake reaching $23.62, gaining $0.57, or 2.47 percent at 11:31 AM EDT. CNOOC surged to their highest level in three years, surging to $214.86, increasing $5.25, or 2.50 percent.
Vice Chairman and Chief Executive Officer of CNOOC, Yang Hua, said, "The cooperation with Chesapeake in shale oil and natural gas is consistent with our value-driven overseas development strategy. The execution of this project will benefit CNOOC Limited's long term production and reserves growth and should produce considerable returns for our shareholders."
Chesapeake’s Chief Executive Officer Aubrey K. McClendon responded, "This transaction will provide the capital necessary to accelerate drilling of this large domestic oil and natural gas resource, resulting in a reduction of our country’s oil imports over time, the creation of thousands of high-paying jobs in the U.S. and in the payment of very significant local, state and federal taxes."
Concerning Eagle Ford Shale, CNOOC will acquire a 33.3 percent undivided interest in the 600,000 leashold acres for oil and gas in Texas for $1.08 billion.
The other 1.08 billion will be used to fund 75 percent of the drilling and completion costs of Chesapeake in the project.
Shares of both companies moved up on the news, with Chesapeake reaching $23.62, gaining $0.57, or 2.47 percent at 11:31 AM EDT. CNOOC surged to their highest level in three years, surging to $214.86, increasing $5.25, or 2.50 percent.
Wednesday, September 8, 2010
Chevron (NYSE:CVX) Acquires Devon (NYSE:DVN) South China Sea Blocks
Chevron Corp. (NYSE:CVX) has acquired the operating interest in three Devon Energy Corp. (NYSE:DVN) exploration blocks in the South China Sea. Terms of the deal weren't disclosed.
Two of the three blocks, 53/30 and 64/18, had 100 percent interests acquired by Chevron from Devon, while with the final block, 42/05, Chevron acquired a 59.18 percent interest, and BP (NYSE:BP) the remaining 40.82 percent interest.
The South China Sea has been ignored for some time because of the lack of shallow-water oil finds. Now drillers are going deeper in their search for oil and gas, inspired by the find of Husky Energy (TSE:HSE) several years ago when they found trillions of cubic feet of gas reserves able to be recovered.
In the three blocks acquired by Chevron, the China National Offshore Oil Corp. (CNOOC), has the right to take a majority interest in any oil or gas discovery.
All companies outside of China must sign these contracts in order to do business there.
Two of the three blocks, 53/30 and 64/18, had 100 percent interests acquired by Chevron from Devon, while with the final block, 42/05, Chevron acquired a 59.18 percent interest, and BP (NYSE:BP) the remaining 40.82 percent interest.
The South China Sea has been ignored for some time because of the lack of shallow-water oil finds. Now drillers are going deeper in their search for oil and gas, inspired by the find of Husky Energy (TSE:HSE) several years ago when they found trillions of cubic feet of gas reserves able to be recovered.
In the three blocks acquired by Chevron, the China National Offshore Oil Corp. (CNOOC), has the right to take a majority interest in any oil or gas discovery.
All companies outside of China must sign these contracts in order to do business there.
Tuesday, September 7, 2010
BP (NYSE:BP) Acquires South China Sea Block from Devon (NYSE:DVN)
BP (NYSE:BP) has acquired a minority interest in a South China Sea block from Devon Energy Corp. (NYSE:DVN), buying a 40.82 percent interest in block 42/05.
Chevron Corp. (NYSE:CVX) is their partner in the deal, who bought the remaining 59.18 percent which gives them operating interest in the block.
It didn't bother China to give BP approval to take a stake in the deep-water block, which China's Cnooc Ltd. confirmed they did.
Devon has been divesting of assets outside of North America in order to focus its attention on its onshore assets in Canada and America.
Renewed interest in the South China Sea has grown since the discovery of trillions of cubic feet of natural gas reserves in 2006 by Husky Energy Inc. (TSE:HSE).
Chevron Corp. (NYSE:CVX) is their partner in the deal, who bought the remaining 59.18 percent which gives them operating interest in the block.
It didn't bother China to give BP approval to take a stake in the deep-water block, which China's Cnooc Ltd. confirmed they did.
Devon has been divesting of assets outside of North America in order to focus its attention on its onshore assets in Canada and America.
Renewed interest in the South China Sea has grown since the discovery of trillions of cubic feet of natural gas reserves in 2006 by Husky Energy Inc. (TSE:HSE).
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