I believe PGH has offered a dollar and quarter a share and debt assumption. Makes the deal rough four dollars and 2 quarters a share deal.
California is the sole producer of heavy oil in the U.S. That means CRC. And with the new tax imposed on all Canadian oilsand companies, I believe Warren B is going to purchase a LARGE stake in this company. It fits his investment style. SOROS bought a few months back
Saudi Arabia has said it will work with OPEC and non-OPEC members alike to help stabilize the oil market, but most analysts don't expect the oil cartel to lower production at its meeting Friday unless a deal with Russia comes first.
On Tuesday, Saudi Oil Minister Ali al-Naimi reiterated a softer stance from OPEC's de facto leader, telling reporters "we will discuss all these issues" at the meeting. "We will listen and then decide."
But Jay Hatfield, president of Infrastructure Capital Advisors, only sees a 20%-30% chance that OPEC might try to implement a small production cut.
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More than a year has passed since the Organization of the Petroleum Exporting Countries shocked the world by refusing to lower output prop up falling crude prices. U.S. oil prices plunged from over $100 per barrel in summer 2014 to around $41 per barrel now.
But even after forcing U.S. shale producers like Continental Resources (NYSE:CLR) and Laredo Petroleum (NYSE:LPI) to idle drilling rigs and slash spending, the oil cartel still doesn't look like it will back down as Saudi Arabia gets tougher on Russia.
Saudi Arabia has lowered its oil prices in Europe, going after Russia's market share in Sweden and Poland. It comes after Russia has been working its way into Saudi Arabia's once undisputed market in Asia for the past decade.
According to Reuters, Exxon Mobil (NYSE:XOM), Royal Dutch Shell (NYSE:RDSA), and Total (NYSE:TOT) are buying more cheap Saudi crude for their European refineries. Russian Energy Minister Alexander Novak recently described Saudi Arabia's presence in Eastern Europe as Russia's "toughest competition."
Russia receives half its revenue from oil and gas sales and will need money to keep flowing as it ramps up military action against the Islamic State in Syria. It is pumping out 10.7 million barrels of oil per day, a record since the fall of the Soviet Union.
But tensions in the Middle East with Syria, Iran and the Islamic State would make a Saudi-Russian oil deal nearly impossible, according to Tamar Essner, an energy analyst at Nasdaq Advisory Services, as the two are on "polar opposite sides of all those regional conflicts."
Meanwhile, hanging over the Saudi-Russian competition and Friday's OPEC meeting is the issue of how to deal with Iranian oil coming back onto the market.
OPEC members have a "big new elephant in the room," said Phil Flynn, senior market analyst at the Price Futures Group. "The unwritten rule in the (OPEC) agreement is that if someone can't meet their quota, the other producers will take over and then pull back" once the supplier comes back to the market.
Read More At Investor's Business Daily: http://news.investors.com/business/120115-783144-opec-production-unchanged-unless-russia-goes-first.htm#ixzz3t6jDauJa
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