Energy Biz Cheat Sheet: Clayton Williams Announces Plan to Pay Down Debt, Ecuador Suing ConocoPhillips
Clayton Williams (NASDAQ:CWEI) has announced it will terminate of all its 2012 and 2013 oil hedges for $50 million, which will be used to pay down some of its debt.
Ecuador is reportedly suing a subsidiary of ConocoPhillips (NYSE:COP) for $504 million over alleged environmental damage from the company’s oil operations.
Chinese oil giant Sinopec (NYSE:SNP) has agreed to acquire Canada’s Daylight Energy at a 100%+ premium to its closing share price Friday. The acquisition still has to be approved by Canadian regulators.
Wisconsin’s utility regulator has approved Wisconsin Energy’s (NYSE:WEC) rate plan without making any modifications. Analysts expect the elimination of a short-term regulatory risk as a boost to the firm and to share prices.
Investing Insights: Oil ETFs: The Top 10 Exchange Traded Funds for Your Oil Investing List
Superior Energy (NYSE:SPN) has agreed to buy Complete Production (NYSE:CPX) for $.27 billion in cash and stock. The $32.90/share offer represents a 61% premium to Complete Production’s closing price on Friday.