Cnooc Boosts Oil & Gas Output, Marathon Continues Sales: Energy Business Review
Cnooc Limited (NYSE:CEO) boosts its current-year net oil and gas production target while it posts a 5.2 percent increase in third quarter revenue, following higher oil and gas production. Third quarter revenues increased year-over-year to 48.96 billion yuan, or $7.73 billion, from 46.52 billion in 2011. The company’s chief executive says that Cnooc is working to win Canadian approval of its offer to buy Nexen (NYSE:NXY) and anticipates finalization of the matter before the year’s end.
Marathon Oil Corporation (NYSE:MRO) is in talks in regards to a potential divestiture of a portion of its 20 percent outside-operated interest in the Athabasca Oil Sands Project in Alberta. The firm expects sales of between $1.5 billion and $3 billion during 2011 to 2013, and thus far has entered into about $1.1 billion in divestitures, a number which does not count a potential Athabasca deal.
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Shares of Spectra Energy Partners (NYSE:SEP) spiked on word that the company will purchase a 38.76 percent interest in Maritimes & Northeast Pipeline from Spectra Energy Corp. (NYSE:SE) in a transaction worth $375 million. Currently, M&N owns a 338-mile mainline interstate natural gas transportation system in the northeast United Statess, sporting a delivery capability of some 0.8 billion cf/day