Energy Biz Review: Shell NEVER Quits, Anadarko SPARED
In a fourth extension of its tender offer, Royal Dutch Shell (NYSE:RDSA) extends its bid for Cove Energy to July 25th. However, as of Wednesday only 3.27 percent of Cove’s shares had been tendered to Shell.
Don’t Miss: Is Gold Stuck in BIZARRO Land?
Sharp declines in prices for natural gas, due to the small addition to inventories during last week, and despite cooling degree days being 50 percent higher than normal, continue to sink shares of producers Apache Corp. (NYSE:APA), Chesapeake Energy Corp. (NYSE:CHK), Anadarko Petroleum Corp. (NYSE:APC). However, Anadarko bounced back late in the day, subsequent to a Reuters report that it will participate in settlement discussions with former subsidiary Tronox Trust. The latter, which filed for bankruptcy in 2009, and is suing Anadarko for $25 billion on behalf of the EPA and other creditors, who claim that Anadarko transferred funds belonging to creditors out of Tronox before to the filing.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.