Energy Business Roundup: Murphy Responds To Third Point, Shell Drilling In Arctic
Murphy Oil Corporation (NYSE:MUR) responds to the hedge fund Third Point taking a larger role in the firm, commenting that the fund “made a variety of suggestions with regard to the company’s portfolio and the company values their input… the Board and management have been working to evaluate opportunities.”
Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) has initiated the drilling of a well in the Beaufort Sea off northern Alaska, subsequent to the conclusion of a local Eskimo whale hunt. The firm’s exploration plans had been postponed by floating ice, tech delays and problems with meeting oil spill preparation mandates, and now operations are required to shut down by the end of October
The main opposition party in Canada takes sides and calls for the rejection of Cnooc Limited’s (NYSE:CEO) now famous propoded takeover of Nexen (NYSE:NXY), as it has decided that the nature of the review process provides no assurances the transaction would benefit Canada. The New Democratic Party’s power is insufficient to prevent the deal, but an aggressive opposition campaign can still have an impact.
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