Energy Bis Replay: High Pressure BURST At Encana, Transocean’s Good REPORT
Cnooc Limited (NYSE:CEO) is apparently learning from its failed attempt with its 2005 offer for Unocal, and is taking a smarter tack in its attempt to purchase Nexen, Inc. (NYSE:NXY); observers are more optimistic that it will succeed this time. Conditions are said to be different now, “especially since everybody needs the kinds of long-term patient capital China provides.” Nexen’s lack of name recognition in the United States and in Canada is thought to be helpful as well.
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One worker was killed and three injured on Wednesday from a sudden high-pressure burst of natural gas at a well operated by Encana Corporation (NYSE:ECA). The accident at the well, which is approximately 30 miles northeast of Denver, was apparently set off by an equipment failure, said the local sheriff.
The positive fleet status results posted by Transocean Ltd. (NYSE:RIG) Wednesday has prompted Barclays to increase its stock price target and fiscal year 2013 earnings estimates. The report featured lower downtime expectations and several favorable extensions at higher dayrates. Barclays claims that Transocean is its top offshore driller because of substantial leverage to rising dayrates plus compelling valuation.
Shares of Hi-Crush Partners LP (HCLP) soared 18 percent over its discounted initial public offering price on its first day of trading. The company produces sand that is used in fracking, and it did better on its IPO than did a similar deal for its peer fracking sand producer U.S. Silica, which fell by almost 6 percent on its February debut and have recently traded below its IPO price of $17 per share.
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