Energy Biz Wrap: Buffett LOVES Phillips, Spectra LOVES British Columbia
Enough foot-dragging, says the United Kingdom’s Takeover Panel, in regards to the forever ongoing Cove Energy saga. Suitors Royal Dutch Shell (NYSE:RDS.A) and Thailand’s PTT have been given until Monday to make their final offers, and if none are accepted, an auction will start on Tuesday. The likelihood that shareholders are not excited over either offer might have something to do with this.
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Warren Buffett announces that Berkshire Hathaway (NYSE:BRK.A) has reduced its position in ConocoPhillips (NYSE:COP) and invested in Phillips 66 (NYSE:PSX), thanks to the oil major divesting its refining operations.
Spectra Energy (NYSE:SE) is opening a new natural gas processing facility as part of its huge expansion program. The firm intends to shell out an additional $4 billion to $6 billion beyond the year 2015 to tap natural gas-rich regions, having already spent $1.5 billion on projects in British Columbia over the last few years
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