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GasBuddy News Article

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Biggest China Deal Sours as Cnooc Ratings Hit 3-Year Low

Bloomberg -- Cnooc Ltd. (883)’s analyst ratings have sunk to their lowest level in three years just as the Chinese state-controlled oil explorer prepares to buy Canada’s Nexen Inc. (NXY) for $15.1 billion in a deal that escalates production expenses.

China’s lowest-cost producer will take over a Western company that pumps about 200,000 barrels a day at a cost of $20.84-a-barrel of oil equivalent, according to data compiled by Bloomberg. That’s more than twice Beijing-based Cnooc’s average cost last year of $9.01 to turn out 950,000 barrels daily.

The deal underscores China’s unprecedented urge to buy oil deposits even at above-average costs to feed an economy the U.S. National Intelligence Council this week forecast will surpass the U.S. before 2030. China, the world’s biggest energy- consuming...


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Submitted Dec 17, 2012 By: NOTSOGRN
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Biggest China Deal Sours as Cnooc Ratings Hit 3-Year Low Back to Topics
REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

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Message Posted: Dec 19, 2012 3:16:46 AM

might not be the worsth of things.
scorpiogg
Champion Author Modesto

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Message Posted: Dec 18, 2012 6:45:23 PM

this is bad, not a good thing at all...
bevmill
Champion Author Georgia

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Message Posted: Dec 18, 2012 6:09:07 PM

The jury is still out on this one.
58salty
Champion Author Jacksonville

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Message Posted: Dec 18, 2012 4:20:15 PM

this is bad, not a good thing at all...
obimerrill
Champion Author Cincinnati

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Message Posted: Dec 18, 2012 11:01:28 AM

They will keep buying up until they control much of the world economy all while artificially keeping their own currency valued. And Obama and the UN will do nothing
skybiker
Champion Author South Carolina

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Message Posted: Dec 18, 2012 6:03:33 AM

Now you see the profit margin..costs 49.50 a barrel to produce...sells for $86 a bbl wholesale...ridiculous
nb52
Champion Author Grand Rapids

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Message Posted: Dec 18, 2012 3:13:12 AM

Maybe the U.S. government can buy them like they did GM and Chrysler.
honda0105
Champion Author Tallahassee

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Message Posted: Dec 18, 2012 2:52:57 AM

JuicyQ: humans fear what we don't understand. Learn more about China, history and mentality and you may not be scared.
That's not to say that economic issues are not a concern.
honda0105
Champion Author Tallahassee

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Message Posted: Dec 18, 2012 2:51:50 AM

good point, buck_on_bass
tomok
Champion Author Portland

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Message Posted: Dec 18, 2012 12:33:00 AM

Biggest China Deal Sours as Cnooc Ratings Hit 3-Year Low and how much is your country and natural reasources worth? China has extra money it can buy many things with and that includes a good supply of oil and fuel for its vehicles.
Whatever the size or shape of the vehicle, vehicle manufactures Produce and the population ‘Drives’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money.
The price of fuel at the pump is too high!
XII/XXII/MMXII!
kgbellman
Champion Author Ann Arbor

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Message Posted: Dec 17, 2012 11:59:36 PM

They will wnsure they get oil any way they can
SkooterG
Champion Author Phoenix

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Message Posted: Dec 17, 2012 11:22:39 PM

Doesn't sound good.
JuicyQ69
All-Star Author San Bernardino

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Message Posted: Dec 17, 2012 10:22:55 PM

China scares me...not sure why.
wshokie12
Champion Author Winston-Salem

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Message Posted: Dec 17, 2012 10:04:12 PM

I don't like it...
vulcan96
Champion Author Ohio

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Message Posted: Dec 17, 2012 10:03:53 PM

they have most of our money (except what our politicians haven't taken already) anyway ---- s0 , they can buy what ever they want.
Zonk
Champion Author Michigan

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Message Posted: Dec 17, 2012 9:59:36 PM

China is in an excellent financial position to make these deals. They possess a significant ownership of the USA.
mrreferee
Champion Author Savannah

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Message Posted: Dec 17, 2012 9:54:50 PM

sad when companies sell out to forigen governments and their shadow companies
LanguageMan1
Champion Author Tampa

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Message Posted: Dec 17, 2012 9:53:07 PM

Prices will be higher in the long term.
Doomsday64
All-Star Author Austin

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Message Posted: Dec 17, 2012 9:52:51 PM

not good
GigHarborHound
Champion Author Tacoma

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Message Posted: Dec 17, 2012 9:50:25 PM

Say it ain't so!!!
pa79th
Champion Author Pennsylvania

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Message Posted: Dec 17, 2012 9:48:53 PM

mmmm! Payback. Tastes good, and you won't be hungry again in half an hour.
Thomtec
Champion Author Nashville

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Message Posted: Dec 17, 2012 9:45:32 PM

Great news
furiousfowl
Champion Author Riverside

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Message Posted: Dec 17, 2012 9:45:01 PM

not good
snky2k
Champion Author Indianapolis

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Message Posted: Dec 17, 2012 9:38:02 PM

Yesterday's news.
jkpsr
Champion Author New Jersey

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Message Posted: Dec 17, 2012 9:33:31 PM

China is not only the World's biggest energy consumer, but, also, the World's largest polluter.
btex49
Champion Author Austin

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Message Posted: Dec 17, 2012 9:32:04 PM

I hope the deal goes real far south.... I don't believe the Chinese have a moral or ethical base... and I hope it catches up with them sooner rather than later.
Harry813
Champion Author Iowa

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Message Posted: Dec 17, 2012 9:31:44 PM

We buy thier products. We should have just kept buying our own. And...now look what they can do...
10k
Champion Author North Carolina

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Message Posted: Dec 17, 2012 9:30:03 PM

nobama shouldn't like this-china is infringing on his and chavez' territory..
lunarrv15
Champion Author Cincinnati

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Message Posted: Dec 17, 2012 9:29:50 PM

okay...interesting
thanks for posting GB blog
Ray_10589
Champion Author New York

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Message Posted: Dec 17, 2012 9:28:03 PM

no surprise
Dodge_Me
Champion Author Atlanta

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Message Posted: Dec 17, 2012 9:24:57 PM

Hit em good in the wallet
crreed1
Champion Author West Virginia

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Message Posted: Dec 17, 2012 9:24:31 PM

they want it all & they are getting it
craigsf38
Champion Author Rochester

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Message Posted: Dec 17, 2012 9:21:27 PM

This is just an example of the long game the china plays.
CDMAuto
Champion Author Connecticut

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Message Posted: Dec 17, 2012 9:20:26 PM

China ?????????????????????????
silverfox63
Champion Author Michigan

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Message Posted: Dec 17, 2012 9:19:58 PM

China is taking over the world or at least they are trying too.
pacecar68
Champion Author Oakland

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Message Posted: Dec 17, 2012 9:19:38 PM

i don't like it.
Ray_10589
Champion Author New York

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Message Posted: Dec 17, 2012 9:17:50 PM

China owns us ...
mfeldstein
Champion Author Ottawa

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Message Posted: Dec 17, 2012 9:15:32 PM

If mergers continue unabated we'll end up with one (Chinese?) company owning us all.
jcdakota
Champion Author Baltimore

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Message Posted: Dec 17, 2012 9:14:50 PM

We didn't want the Chinese to buy Canada's oil anyway - let's keep it in North America, we can buy it!
5Golfer8
Champion Author Tucson

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Message Posted: Dec 17, 2012 9:13:42 PM

Look out the commies are taking over.
gasmack
Champion Author Ventura

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Message Posted: Dec 17, 2012 9:13:11 PM

Hope this development proves to be a stake in the heart of this Chinese energy vampire.
boatfloyd
Champion Author Jacksonville

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Message Posted: Dec 17, 2012 9:12:42 PM

Will be interesting to see what happens.
TheeRedRam
Champion Author Hartford

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Message Posted: Dec 17, 2012 9:12:23 PM

Not looking to good here.
defense
Champion Author Grand Rapids

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Message Posted: Dec 17, 2012 9:11:45 PM

ok
cheaper0ON
Champion Author Ontario

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Message Posted: Dec 17, 2012 9:11:41 PM

hmmm...
ManOfLeisureII
Champion Author Philadelphia

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Message Posted: Dec 17, 2012 9:08:24 PM

Learn Mandarin.
UpSol7
Champion Author Augusta

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Message Posted: Dec 17, 2012 9:08:20 PM

maybe a canada-china pipeline.....
heartbroken2010
Champion Author Ottawa

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Message Posted: Dec 17, 2012 9:07:42 PM

gotta keep their people fed etc.
Bubba44612
Champion Author Ohio

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Message Posted: Dec 17, 2012 9:07:10 PM

This is what our money buys after we buy their crap.
sackman
Champion Author North Carolina

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Message Posted: Dec 17, 2012 9:06:29 PM

Hmmmm
pastorpaulcg
Champion Author Virginia

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Message Posted: Dec 17, 2012 9:03:21 PM

Hopefully China will be a benevolent owner
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