China Petroleum & Chemical Corp. (SNP), a Chinese oil refiner known as Sinopec, said it will buy half of Chesapeake Energy's (CHK) Mississippi Lime oil and gas properties in Okla. for about $1.02 bil, the latest in a series of oil deals by Chinese companies. The purchase would boost Sinopec's presence in the booming N. American shale oil and gas industry. U.S. and Canadian output has jumped the last 3 years due to the advent of fracking. Chesapeake fell 6.8% to 19.11. Sinopec fell 1.1% to 111.56.
America has no tolerance for wealthy people griping about their financial woes. But they have concerns too.