- Iraq's Energy Sector Is Moving Forward – With or Without the U.S.
- Gasoline-Price Forecasting: What Sam the Gas Station Owner Knows That We Don't
- Shell Grabs Crucial Shale Gas Deposits With $4.7 Billion Deal
- How to Profit from the New Iranian Sanction
- High Gas Prices Got You Down? Beat the Oil Industry at its Own Game…
- BP Dives Into Brazil's Offshore Oil Industry With $7 Billion Deal
- PetroChina, Shell Target Australia's Arrow Energy
- Ghana May Kill Exxon's $4 Billion Oil Deal
- Wall Street Scrambles its "Contango Convoy" to Capitalize on Higher Oil Demand
- If U.S. Oil Companies Aren't Winning Bids in Iraq, Who Is?
- Investment News Briefs
Royal Dutch Shell
Of course, it wouldn't have happened without Sam.
Sam runs a gasoline station 12 miles from my house, in a little, out-of-the-way, suburban town. We have formed a friendship, of sorts, through the years. He's one of the few people I run into on a regular basis who does not ask me where gasoline prices are headed.
He already knows.
Shell, Europe's largest energy producer, gets 1.05 million acres of gas properties in the northeastern United States and Texas. About 650,000 acres gained in the acquisition are part of the crucial Marcellus Shale, a tight gas property with shale formations estimated to hold up to 262 trillion cubic feet of recoverable gas.
The remaining acres are part of the Eagle Ford Shale area in South Texas. The deal brings Shell's total U.S. tight gas acreage up to 3.6 million acres.
"The opportunity now is to consolidate our tight gas portfolio, divest from non-core positions across North America, and to invest for profitable growth," Peter Voser, chief executive of Shell, told The New York Times.
Start the conversation
And she was right.
A wrestler, a standup comic, several movie actors, and former sports figures have been elected to office; tea parties are back as a way of challenging leadership; even a disgraced former governor makes it onto "Celebrity Apprentice."
But she never saw this one coming - a U.S. sanctions move against Iran that may actually work... and make you some money in the process.
Now is the time for such questions.
It's during the month of March that the market begins to readjust inventory and production in advance of the summer driving season. This usually means that production shifts from heating oil to gasoline.
Actually, the real issue is what refined products will be emphasized in the production process. To put it bluntly, U.S. refineries have insufficient capacity to handle all needs.
And that could make you some serious money.
To find out how you can profit from the oil market, read on...
The $3.4 billion (A$3.26 billion) deal would give shareholders A$4.45 per share - a 28% premium from Friday's share price - and a share in a new Arrow international-business entity for each current Arrow share.
Market reaction was favorable as Arrow's prices soared 47% Monday following the news, up to A$5.11 on the Australian stock exchange (ASX).
"It's an opportunistic bid and good for Arrow shareholders," Tim Schroeders, Pengana Capital portfolio manager, told CNBC.
Ghanaian Energy Minister Joe Oteng-Adjei sent a letter to Exxon last week informing the company that the government wouldn't approve the deal with Kosmos. The letter said the government is "unable to support an Exxon Mobil acquisition of Kosmos's Ghana assets," according to a copy reviewed by The Wall Street Journal.
The government said Dallas-based Kosmos had shared critical information about the field with potential buyers without its permission. Ghana also said Kosmos had left Ghana's state-run oil company, Ghana National Petroleum Corp. (GNPC) out of discussions held to determine how the field should be developed.
The supertankers, each of which can hold over 2 million barrels of oil, are steaming "all ahead full" to deliver their stores of crude, heating oil and other distillates to the United States.
Their clients - which include several huge Wall Street investment firms - are eager to unwind what's become known as the oil storage trade.
But U.S. oil companies have signed surprisingly few development contracts – and foreign rivals have swooped in to scoop up major deals.
Take last weekend, when Iraq wrapped up the biggest oil-field auction in history. Major new deals were announced by Europe's Royal Dutch Shell PLC (NYSE: RDS.A , RDS.B), OAO Gazprom (OTC ADR: OGZPY), Lukoil (OTC ADR: LUKOY), China's China National Petroleum Corp. (CNPC), and Malaysia's Petroliam Nasional Berhad (Petronas).
The U.S. oil majors – ExxonMobil Corp. (NYSE: XOM), ConocoPhillips (NYSE: COP) and Chevron Corp. (NYSE: CVX) – were nowhere to be seen.