Energy Biz Update: Chesapeake’s Land Exploits, Conoco’s Options In Poland
Chesapeake Energy Corporation (NYSE:CHK) has taken advantage of obscure laws in Texas and at least three other states, through which to force land owners to relinquish drilling rights and sometimes forego profits, says the most recent Reuters special report on the firm. Land brokers, owners and attorneys say that such deals are pushing the limits of ethics as well as legality.
The cash consideration option involved in Energy Transfer Partner’s (NYSE:ETP) pending purchase of Sunoco (NYSE:SUN) was oversubscribed, according to preliminary results of the elections made by shareholders of the latter, regarding the form of merger consideration to be received, as holders of almost 74 percent of the stock selected that choice.
A local operator reports that ConocoPhillips (NYSE:COP) will not exercise its option to take over as operator, with a 70 percent interest in three concessions in the Baltic basin of Poland. This raises new questions concerning the country’s shale prospects, a few weeks following Exxon Mobil Corporation’s (NYSE:XOM) announcement that it would forego two of its six shale gas exploration licenses there.
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