QR Energy’s Public Offering, Chevron Advised on Possible Acquisitions: Energy Biz Report
The Delaware-based limited partnership QR Energy (NYSE:QRE) announced Thursday that it has initiated an underwritten public offering of 12 million common units representing limited partner interests in the firm, which will grant the underwriters a 30-day option to acquire as much as an additional 1.8 million common units. Net proceeds of the offering will be used to maintain its general partner interest, repay borrowings outstanding through its credit facility, and for general corporate purposes.
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Chevron Corporation (NYSE:CVX), which is experiencing its longest slump in energy production in four years, could use its record cash to restart growth by purchasing Cobalt International Energy (NYSE:CIE) or Kosmos Energy (NYSE:KOS), according to Bloomberg. However, even after the fall in its earnings, Chevron’s cash was at an all-time high of $21.3 billion, surpassing that of its larger rivals Exxon Mobil Corporation (NYSE:XOM).
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