S&P 500
7,401.60
+0.01%
Dow Jones
51,722.00
-0.26%
Nasdaq 100
29,595.20
+0.22%
Russell 2000
2,982.93
+0.02%
FTSE 100
10,452.20
-0.09%
Nikkei 225
69,444.70
+0.18%

Investing

Thai Company Challenges Shell for Cove Energy (RDS-A, APC)

Photo of Paul Ausick
By Paul Ausick Published

Thailand’s PTTEP PCL has bested a $1.58 billion offer from Royal Dutch Shell plc (NYSE: RDS-A) for British-based Cove Energy PLC. The Thai oil & gas exploration firm has announced a “possible, all-cash offer” for Cove worth about $1.8 billion.

Shell owns 8.5% of Cove’s natural gas field offshore of Mozambique in East Africa that is 35.6%-owned and operated by Anadarko Petroleum Corp. (NYSE: APC). The field is believed to hold up to 30 trillion cubic feet of natural gas.

PTTEP had previously said that it was not interested in acquiring Cove, so the new bid, at a 13% premium above Shell’s offer, came as something of a surprise. Cove anticipates receiving at least one even richer offer.

Follow 24/7 Wall St. on Google
Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Continue Reading

Paul Ausick |

Shell Gets Its Way in Mozambique (RDS-A, APC)

Oil supermajor Royal Dutch Shell plc (NYSE: RDS-A) has finally nabbed British-based Cove Energy PLC in a deal worth $1.8…

Paul Ausick |

Shell Offers to Buy Cove Energy at 73% Premium (RDS-A, APC)

Royal Dutch Shell plc (NYSE: RDS-A) has reportedly offered $1.58 billion to acquire London-based energy company Cove Energy PLC. The…

Jon C. Ogg |

Shell: ‘No’ from US EPA, ‘Yes’ from EU (RDS-A, CZZ, ADM, VLO, COP, BP, XOM, CVX)

The US Environmental Protection Agency’s appeals board has essentially canceled permits that would have allowed Royal Dutch Shell plc (NYSE:…

World’s Most Valuable Publicly Traded Oil Companies
Paul Ausick |

World’s Most Valuable Publicly Traded Oil Companies

[cnxvideo id=”655423″ placement=”ros”]The world consumed nearly 98.5 million barrels of oil every day in 2017. This year the U.S. Energy…

Lee Jackson |

5 Big Oil Stocks to Buy for the Rest of 2015

In a new report from Cowen, the analysts say when it comes to oil, go big cap for the last…

Jon C. Ogg |

Exxon Searching for International Growth (XOM, CVX, COP, RDS-A, BP, OXY, HK)

Shares in Exxon Mobil Corp. (NYSE: XOM) posted a new 52-week high of $76.62 yesterday, up about 11% in the…

3 Top Mega-Cap Energy Stocks Are Huge Buys as Oil Charges to $70
Lee Jackson |

3 Top Mega-Cap Energy Stocks Are Huge Buys as Oil Charges to $70

The big three of oil and gas that dominate much of the world's exploration and production all remain on sale.…

Israel and Iran Continue to Escalate – Grab 4 Ultra-High-Yield Dividend Oil Giants
Lee Jackson |

Israel and Iran Continue to Escalate – Grab 4 Ultra-High-Yield Dividend Oil Giants

Although OPEC+ has announced plans to increase production by 411,000 barrels per day starting this month, actual increases may be…

Oil Near 5-Month Highs: 4 Strong Buy High-Yield Dividend Giants Wall Street Loves
Lee Jackson |

Oil Near 5-Month Highs: 4 Strong Buy High-Yield Dividend Giants Wall Street Loves

Energy investors concerned with an overbought stock market will want to look at these large-cap integrated giants that offer scale…

Top Gaining Stocks

Axon Enterprise
AXON • Vol: 1,135,209
CDW
CDW • Vol: 2,437,574
GE HealthCare
GEHC • Vol: 8,107,469
IBM
IBM • Vol: 16,103,112
Charter Communications
CHTR • Vol: 2,972,111

Top Losing Stocks

Micron Technology
MU • Vol: 60,251,824
ON Semiconductor
ON • Vol: 15,490,005
Enphase Energy
ENPH • Vol: 6,293,491
Lam Research
LRCX • Vol: 16,065,247
Microchip Technology
MCHP • Vol: 18,305,346