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Where Is Oil Headed?
The Price of Oil
Oil made two runs toward $150 recently, and failed both times. Now oil is in a retreat. Oil was trading near $121 earlier this week. And it appears that support at that price is crumbling. This will surely take the oil company stocks down, as well as those of the oil service companies.
Despite this recent drop in oil prices, BP (BP: NYSE) reported a 28% increase in second-quarter profits, led by surging energy prices. BP also announced that it would continue to fight for its interests in its troubled Russian partnership, TNK-BP. All of this bodes well…
1Aug2008 | Energy and Oil | Comments Off | ContinuedHalliburton Trumps Other Suitor by Offering $3.4 Billion for Deep-Sea-Oil Expert
Halliburton Company (HAL), the world’s second-largest oil-services firm, has made a $3.4 billion (1.71 billion pounds) cash offer for U.K.-based Expro International Group PLC (PINK: EXPRF).
The bid – announced today (Friday) – could touch off a bidding battle for the British oil-services firm, which already has another suitor.
The Halliburton bid represents a 6.2% premium over the $3.2 billion bid of a private-equity consortium that includes Candover Partners Ltd., a wholly owned subsidiary of Candover Investments PLC, and Goldman Sachs Group Inc. (GS).
“This is not over as I think Candover will come back with another bid,” Jane Coffey, head of equities at…
24May2008 | Money Morning | 2 comments | Continued
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