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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

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honda0105 Champion Author Tallahassee Posts:18,590 Points:1,606,595 Joined:Nov 2008	Message Posted: Dec 19, 2012 5:16:46 AM Ignore honda0105 Report Abuse might not be the worsth of things.
scorpiogg Sophomore Author Modesto Posts:248 Points:157,100 Joined:Nov 2012	Message Posted: Dec 18, 2012 8:45:23 PM Ignore scorpiogg Report Abuse this is bad, not a good thing at all...
bevmill Champion Author Georgia Posts:2,567 Points:597,620 Joined:Apr 2006	Message Posted: Dec 18, 2012 8:09:07 PM Ignore bevmill Report Abuse The jury is still out on this one.
58salty Champion Author Jacksonville Posts:6,594 Points:626,865 Joined:Aug 2011	Message Posted: Dec 18, 2012 6:20:15 PM Ignore 58salty Report Abuse this is bad, not a good thing at all...
obimerrill Champion Author Cincinnati Posts:1,430 Points:287,765 Joined:Jul 2012	Message Posted: Dec 18, 2012 1:01:28 PM Ignore obimerrill Report Abuse 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 Posts:7,282 Points:1,557,465 Joined:Jul 2008	Message Posted: Dec 18, 2012 8:03:33 AM Ignore skybiker Report Abuse 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 Posts:7,765 Points:1,543,925 Joined:Nov 2008	Message Posted: Dec 18, 2012 5:13:12 AM Ignore nb52 Report Abuse Maybe the U.S. government can buy them like they did GM and Chrysler.
honda0105 Champion Author Tallahassee Posts:18,590 Points:1,606,595 Joined:Nov 2008	Message Posted: Dec 18, 2012 4:52:57 AM Ignore honda0105 Report Abuse 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 Posts:18,590 Points:1,606,595 Joined:Nov 2008	Message Posted: Dec 18, 2012 4:51:50 AM Ignore honda0105 Report Abuse good point, buck_on_bass
tomok Champion Author Portland Posts:32,936 Points:2,342,585 Joined:Aug 2006	Message Posted: Dec 18, 2012 2:33:00 AM Ignore tomok Report Abuse 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 Posts:2,698 Points:728,915 Joined:Mar 2011	Message Posted: Dec 18, 2012 1:59:36 AM Ignore kgbellman Report Abuse They will wnsure they get oil any way they can
SkooterG Champion Author Phoenix Posts:1,359 Points:327,835 Joined:May 2012	Message Posted: Dec 18, 2012 1:22:39 AM Ignore SkooterG Report Abuse Doesn't sound good.
JuicyQ69 All-Star Author San Bernardino Posts:639 Points:1,137,810 Joined:Apr 2009	Message Posted: Dec 18, 2012 12:22:55 AM Ignore JuicyQ69 Report Abuse China scares me...not sure why.
wshokie12 Champion Author Winston-Salem Posts:1,310 Points:214,610 Joined:Aug 2012	Message Posted: Dec 18, 2012 12:04:12 AM Ignore wshokie12 Report Abuse I don't like it...
vulcan96 Champion Author Ohio Posts:26,879 Points:3,101,500 Joined:Aug 2004	Message Posted: Dec 18, 2012 12:03:53 AM Ignore vulcan96 Report Abuse 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 Posts:6,471 Points:2,100,065 Joined:Oct 2005	Message Posted: Dec 17, 2012 11:59:36 PM Ignore Zonk Report Abuse China is in an excellent financial position to make these deals. They possess a significant ownership of the USA.
mrreferee Champion Author Savannah Posts:1,336 Points:555,280 Joined:Jun 2011	Message Posted: Dec 17, 2012 11:54:50 PM Ignore mrreferee Report Abuse sad when companies sell out to forigen governments and their shadow companies
LanguageMan1 Champion Author Tampa Posts:11,707 Points:1,658,865 Joined:Apr 2008	Message Posted: Dec 17, 2012 11:53:07 PM Ignore LanguageMan1 Report Abuse Prices will be higher in the long term.
Doomsday64 All-Star Author Austin Posts:849 Points:334,080 Joined:Apr 2011	Message Posted: Dec 17, 2012 11:52:51 PM Ignore Doomsday64 Report Abuse not good
GigHarborHound Champion Author Tacoma Posts:2,522 Points:485,565 Joined:Sep 2011	Message Posted: Dec 17, 2012 11:50:25 PM Ignore GigHarborHound Report Abuse Say it ain't so!!!
pa79th Champion Author Pennsylvania Posts:1,767 Points:1,213,925 Joined:Jun 2007	Message Posted: Dec 17, 2012 11:48:53 PM Ignore pa79th Report Abuse mmmm! Payback. Tastes good, and you won't be hungry again in half an hour.
Thomtec Champion Author Nashville Posts:2,448 Points:605,220 Joined:May 2011	Message Posted: Dec 17, 2012 11:45:32 PM Ignore Thomtec Report Abuse Great news
furiousfowl Champion Author Riverside Posts:16,845 Points:2,747,230 Joined:May 2005	Message Posted: Dec 17, 2012 11:45:01 PM Ignore furiousfowl Report Abuse not good
snky2k Champion Author Indianapolis Posts:1,383 Points:300,640 Joined:Mar 2012	Message Posted: Dec 17, 2012 11:38:02 PM Ignore snky2k Report Abuse Yesterday's news.
jkpsr Champion Author New Jersey Posts:4,074 Points:1,100,930 Joined:Jun 2005	Message Posted: Dec 17, 2012 11:33:31 PM Ignore jkpsr Report Abuse China is not only the World's biggest energy consumer, but, also, the World's largest polluter.
btex49 Champion Author Austin Posts:2,705 Points:528,155 Joined:Aug 2011	Message Posted: Dec 17, 2012 11:32:04 PM Ignore btex49 Report Abuse 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 Posts:2,990 Points:658,940 Joined:Jul 2011	Message Posted: Dec 17, 2012 11:31:44 PM Ignore Harry813 Report Abuse We buy thier products. We should have just kept buying our own. And...now look what they can do...
10k Champion Author North Carolina Posts:21,231 Points:2,252,070 Joined:May 2006	Message Posted: Dec 17, 2012 11:30:03 PM Ignore 10k Report Abuse nobama shouldn't like this-china is infringing on his and chavez' territory..
lunarrv15 Champion Author Cincinnati Posts:14,847 Points:2,382,385 Joined:Dec 2005	Message Posted: Dec 17, 2012 11:29:50 PM Ignore lunarrv15 Report Abuse okay...interesting thanks for posting GB blog
Ray_10589 Champion Author New York Posts:4,931 Points:1,180,060 Joined:May 2009	Message Posted: Dec 17, 2012 11:28:03 PM Ignore Ray_10589 Report Abuse no surprise
Dodge_Me Champion Author Atlanta Posts:2,214 Points:553,980 Joined:Mar 2006	Message Posted: Dec 17, 2012 11:24:57 PM Ignore Dodge_Me Report Abuse Hit em good in the wallet
crreed1 Champion Author West Virginia Posts:1,975 Points:2,524,385 Joined:May 2005	Message Posted: Dec 17, 2012 11:24:31 PM Ignore crreed1 Report Abuse they want it all & they are getting it
craigsf38 Champion Author Rochester Posts:5,698 Points:1,507,330 Joined:Jun 2008	Message Posted: Dec 17, 2012 11:21:27 PM Ignore craigsf38 Report Abuse This is just an example of the long game the china plays.
CDMAuto Champion Author Connecticut Posts:3,778 Points:750,990 Joined:Apr 2011	Message Posted: Dec 17, 2012 11:20:26 PM Ignore CDMAuto Report Abuse China ?????????????????????????
silverfox63 Champion Author Michigan Posts:8,105 Points:1,608,790 Joined:Oct 2008	Message Posted: Dec 17, 2012 11:19:58 PM Ignore silverfox63 Report Abuse China is taking over the world or at least they are trying too.
pacecar68 Champion Author Oakland Posts:4,656 Points:866,120 Joined:Jan 2007	Message Posted: Dec 17, 2012 11:19:38 PM Ignore pacecar68 Report Abuse i don't like it.
Ray_10589 Champion Author New York Posts:4,931 Points:1,180,060 Joined:May 2009	Message Posted: Dec 17, 2012 11:17:50 PM Ignore Ray_10589 Report Abuse China owns us ...
mfeldstein Champion Author Ottawa Posts:8,161 Points:1,928,430 Joined:Feb 2007	Message Posted: Dec 17, 2012 11:15:32 PM Ignore mfeldstein Report Abuse If mergers continue unabated we'll end up with one (Chinese?) company owning us all.
jcdakota Champion Author Baltimore Posts:1,347 Points:361,345 Joined:Nov 2010	Message Posted: Dec 17, 2012 11:14:50 PM Ignore jcdakota Report Abuse 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 Posts:2,128 Points:298,600 Joined:Jun 2011	Message Posted: Dec 17, 2012 11:13:42 PM Ignore 5Golfer8 Report Abuse Look out the commies are taking over.
gasmack Champion Author Ventura Posts:1,698 Points:665,535 Joined:Feb 2011	Message Posted: Dec 17, 2012 11:13:11 PM Ignore gasmack Report Abuse Hope this development proves to be a stake in the heart of this Chinese energy vampire.
boatfloyd Champion Author Jacksonville Posts:1,708 Points:386,025 Joined:Mar 2012	Message Posted: Dec 17, 2012 11:12:42 PM Ignore boatfloyd Report Abuse Will be interesting to see what happens.
TheeRedRam Champion Author Hartford Posts:3,148 Points:669,710 Joined:Jun 2011	Message Posted: Dec 17, 2012 11:12:23 PM Ignore TheeRedRam Report Abuse Not looking to good here.
defense Champion Author Grand Rapids Posts:1,355 Points:1,364,575 Joined:May 2004	Message Posted: Dec 17, 2012 11:11:45 PM Ignore defense Report Abuse ok
cheaper0ON All-Star Author Ontario Posts:968 Points:395,130 Joined:Jan 2012	Message Posted: Dec 17, 2012 11:11:41 PM Ignore cheaper0ON Report Abuse hmmm...
ManOfLeisureII Champion Author Philadelphia Posts:1,859 Points:451,975 Joined:Jan 2012	Message Posted: Dec 17, 2012 11:08:24 PM Ignore ManOfLeisureII Report Abuse Learn Mandarin.
UpSol7 Champion Author Augusta Posts:1,643 Points:756,925 Joined:Sep 2008	Message Posted: Dec 17, 2012 11:08:20 PM Ignore UpSol7 Report Abuse maybe a canada-china pipeline.....
heartbroken2010 Champion Author Ottawa Posts:4,334 Points:894,985 Joined:Aug 2010	Message Posted: Dec 17, 2012 11:07:42 PM Ignore heartbroken2010 Report Abuse gotta keep their people fed etc.
Bubba44612 Champion Author Ohio Posts:7,381 Points:1,874,155 Joined:Aug 2005	Message Posted: Dec 17, 2012 11:07:10 PM Ignore Bubba44612 Report Abuse This is what our money buys after we buy their crap.
sackman All-Star Author North Carolina Posts:598 Points:271,450 Joined:Apr 2011	Message Posted: Dec 17, 2012 11:06:29 PM Ignore sackman Report Abuse Hmmmm