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Shares of the West Coast oil refiner Tesoro Corporation (NYSE:TSO) react positively to a weekend Barron’s article, which reported that the company “may have pulled off the acquisition of the year” when it acquired a large California refinery from BP for $1.175 billion in August. Investors pushed the shares up by about 10 percent afterwards, but they still are attractive, trading at 6.8 times the projected 2012 profit of $5.84 per share.
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Petrobras (NYSE:PBR) is searching for a partner to invest in its American offshore deepwater oil fields, which implies that the Brazilian company might have found a method by which to extract oil from the ‘difficult’ site in the Gulf of Mexico. In addition, this news could benefit National Oilwell Varco, Inc. (NYSE:NOV), which has been purchasing companies that produce parts for FPSO vessels that Petrobras has deployed off both Brazil and West Africa.
A joint venture that is led by Apache Corporation (NYSE:APA) has found natural gas off the coast of Kenya, which fuels hopes the nation might possess commercial reserves, after big finds in adjacent Tanzania and nearby Mozambique. The Mbawa-1 exploration is expected to strike a net gas column of 52 meters. The bore is still drilling towards a planned depth of 3,275 meters, with a secondary target reservoir near its path.
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