I�m not sure how to read these articles. Do you have an opinion?
CALGARY, June 12 (Reuters) - A move by Petro-Canada (PCA.TO - news) to drop out of the Canadian energy industry's premier investment symposium has whipped up speculative waves that the company is poised for a major acquisition. One possibility was acquiring a stake in the huge Phillips Petroleum Co.(P - news)-operated Ekofisk field, which produces about 318,000 barrels of oil a day, twice the expected peak output of Canada's Hibernia development. Norsk Hydro, which has a 6.3 percent stake, is among the six owners of Ekofisk.
WASHINGTON, June 12 (Reuters) via NewsEdge Corporation - The U.S. oil and natural gas industries on Friday rapped President Clinton's decision to extend the moratorium on offshore drilling, saying it will hamper domestic energy production.
Wow - talk about good time'n I just got to this BBoard. any-way.
Yes! I do have an opinion. Overall neither of these articles should have any negative effect on Phillips.
If you read the first article carefully you will notice that Petro-Canada is looking to acquire a stake in the Ekofisk field. Suggesting the Norsk Hydro interest, which is 6.3%. Please note that Phillips has over 37% interest in that field, and it might be more than Petro-Canada is willing to spend (although possible).
The second article has been anticipated. Phillips has the best lobbyist that money can buy (just kidding). I believe that Phillips knew Clinton's intentions (last term democratic presidents usually push environmental issues) and diverted exploration funding to non-domestic operations. This initiative will yield profitability.
Stand fast. Phillips is solid. Use these little dips in stock price for accumulation. Remember last year revenues were down while profits were up. And don�t forget about Russia.