Cnooc Chairman Speaks, Phillips 66 Downgraded on Sandy: Energy Business Review
Cnooc Limited’s (NYSE:CEO) Chairman Wang Yilin says that China’s complex geology will make it more difficult to develop shale gas in comparison to the United States, and also that China should “put aside its conflicts in the South China Sea” so as to develop deepwater oil and gas there. Cnooc is the country’s biggest offshore oil and gas producer, aside from its now famous proposal to acquire Nexen (NYSE:NXY) in Canada.
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Penn Virginia Resource Partners (NYSE:PVR) has set a public offering of 6.5 million common units representing limited partner interests at $23.11 per unit. The firm will use the net proceeds to pay down a portion of its debts, and has around 88.2 million common units outstanding.
Deutsche Bank says that Phillips 66 (NYSE:PSX) has been “badly affected” by Sandy, so it downgrades shares from Buy to Hold over weather and other related impacts on the northeast domestic oil markets, which make up 27 percent of oil demand in the United States and 6 percent worldwide. Only HollyFrontier Corp. (HFC) is still rated at Buy at Deutsche, of the big refiners it covers.