Chesapeake Energy Corporation (NYSE:CHK) said Friday that a voluntary separation program has been offered to about 275 of its eligible employees as part of ongoing efforts to improve efficiencies and lower costs. The employees will have 45 days to consider the offer and those who accept the offer will separate from the firm in February.
Rosneft Oil Co. (RNFTF.PK) might raise up to $10 billion on bond markets through which to finance its takeover of the Anglo-Russian oil firm TNK-BP in a move that potentially matches loans backed by future oil exports. Lenders who are knowledgeable regarding the firm’s plans to finance the $55 billion transaction to buy Russia’s number three oil firm say that the state-controlled oil major was strongly encouraged by investors for a recent $3 billion bond offering.
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New analyst ratings for Cnooc Limited (NYSE:CEO) have fallen to their lowest point in three years while the Chinese government-controlled oil explorer closes in on Canada’s Nexen (NYSE:NXY) for a $15.1 billion deal that greatly fuels production expenses. In effect, China’s lowest-cost producer will take over a company that pumps about 200,000 barrels a day at a cost of $20.84 per barrel equivalent, says data compiled by Bloomberg, a figure more than two times Cnooc’s average cost in 2011 of $9.01 to produce 950,000 barrels daily.
This week, BP (NYSE:BP) embarked on the fifth day of a much unreported sub-sea mission under Coast Guard auspices to search out any new oil leaking from the Deepwater Horizon disaster which was caused by an oil rig exploding in 2010, killing 11 workers and allowing a total at estimated 206 million gallons of oil flowing into the Gulf of Mexico for three months.