Energy Biz Recap: Exxon’s Denbury Acquisition, Rosneft Shops For Loans
These were Thursday’s top stories:
Exxon Mobil Corporation’s (NYSE:XOM) purchase of Denbury Resources Inc.’s (NYSE:DNR) Bakken assets has ignited a large amount of chatter around firms who hold assets in the Williston Basin. Wunderlich points out that Exxon paid top dollar, and foresees the potential for the company to grow in the area or for other top players to enter. Kodiak Oil & Gas Corp.’s (AMEX:KOG) abundant Williston assets might be worth between $13 and $15 per share based on Thursday’s deal and Whiting Petroleum Corporation’s (NYSE:WLL) could be worth $70 per share.
Investing Insights: Gold and Silver Hold Steady After Economic Reports.
BP is in talks to divest its 50 percent investment in TNK-BP to Rosneft Oil Co. (RNFTF.PK) for between $10 billion and $15 billion in cash and a minimum of 12.5 percent of the latter’s shares, according to the Kommersant financial daily reports. Other reports say that to fund its acquisition, Rosneft will try to raise from $15 billion to $20 billion in debt from both foreign and Russian banks.
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